I am far from an expert on HARP but I understand the guidelines to read that a HARP lender can only lend out 125% more than what the property is worth. It would seem that under the calculation, you would not qualify. However, a real estate attorney and most probably a mortgage consultant would be best suited to answer this question.
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You will not receive credit for making timely payments with the credit reporting bureaus and you may run into problems later if your financial position changes, you can't make pay and you need to modify the loan.
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