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Refinancing through HARP

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Refinancing through HARP

I am trying to refinance thru Wells Fargo - which is my current mortgage holder.  I don't feel comfortable at all with the rep I'm dealing with that he has any real knowledge of this HARP plan and am hoping someone else might be better educated.  We have a 2nd mortgage and our house is worth less than what we owe, so we tried to refinance under HARP approximately 2 months ago.  We were told we qualified and the rate was 5%.  Unfortunately, my husband was temporarily laid off, so we were then told we weren't able to refinance.  We then applied for a loan modification, which we were denied.  My husband has since been re-employed, but now the rate for HARP is 6.125%.  Does anyone know if rates did go up that much in 2 months?  Other than the LTV, what is the difference of a straight refinance (which we can't do) or refinancing under the HARP plan?
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Super Contributor

Re: Refinancing through HARP

Rates havn't gone up that much in 2 months, rates today are about where they were 2 months ago.  Not sure why rates would change that much on what they'd be offering you though, as the HARP programs's interest rates are not score sensitive.  HARP only goes to 105% though, and the program just expanded to 125% LTV, perhaps Wells Fargo is going under the new 125% LTV program that might have a higher rate (the higher LTV was very recently released so not much info is known at this point, perhaps it does come with a higher rate too, which would make sense).
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