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#392928 - 10/25/11 01:15 AM
Your thoughts on new HARP Guidelines
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Major Contributor
Registered: 06/30/04
Posts: 2043
Loc: California
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#392938 - 10/25/11 06:15 AM
Re: Your thoughts on new HARP Guidelines
[Re: Cool guy]
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Member
Registered: 07/11/11
Posts: 198
Loc: Phoenix
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Sounds like it could certainly be a help to some one who is current on the their mortgage and gainfully employed.One thing I did not see does the income verification have to be for the mortgage balance or what the homes current value is?
_________________________
“There are no secrets to success: don’t waste time looking for them. Success is the result of perfection, hard work, learning from failure, loyalty to those for whom you work, and persistence.” Colin Powell
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#393072 - 10/26/11 05:12 AM
Re: Your thoughts on new HARP Guidelines
[Re: Cool guy]
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Veteran Member
Registered: 01/02/07
Posts: 724
Loc: Port Jefferson New York
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Thanks Cool Guy, I learned something. Not sure how this pans out in actual practice, but it sounds like a program that could help someone who is hanging in there. The link seems like a good resource for people in the RE/Mort biz.
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#393088 - 10/26/11 09:31 AM
Re: Your thoughts on new HARP Guidelines
[Re: Mike Hagen]
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Member
Registered: 11/09/08
Posts: 21
Loc: The Frozen Tundra
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Few will actually qualify. The government intervention has so far failed and prolonged the problem. Government should get out of the way of private enterprise and let the existing laws and procedures run their course. We would have been a lot further along in putting this mess behind us without there intervention.
This "pulling the band off slowly" is ruining the economy.
Yes there will be sad stories but that is inevitable no matter what.
Yes I have a heart.
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#394233 - 11/08/11 08:05 PM
Re: Your thoughts on new HARP Guidelines
[Re: Cool guy]
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Member
Registered: 11/12/09
Posts: 89
Loc: St George Utah
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Great info, why in my experience are there no Wells Fargo loans owned by either one?
_________________________
"Buy low sell high" Isnt that the only way we do it!
http://www.facebook.com/#!/profile.php?id=100001303910317
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#394696 - 11/15/11 10:27 AM
Re: Your thoughts on new HARP Guidelines
[Re: The Rosch]
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Member
Registered: 12/29/07
Posts: 30
Loc: The Interweb
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I spent a day with "the guys" last weekend and told them about HARP. One of them had been trying to get a reduced interest payment with no results for some time due to negative equity and high interest rates (over 6%). He mentioned the magic word "HARP" the day after we talked and US Bank dropped his interest rate to 4.8%, no money out of pocket, no paperwork and his monthly payment dropped by $300.
Needless to say, he was glad he bought me lunch. Now one of the other guys is in touch with his bank to see what he can get. I should note that neither one of them is suffering from major financial calamity, neither has ever missed a payment, but they are both seriously upside down and have high interest rates.
It's always nice to be able to help a friend...
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#394700 - 11/15/11 11:25 AM
Re: Your thoughts on new HARP Guidelines
[Re: Cool guy]
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Major Contributor
Registered: 11/06/07
Posts: 1602
Loc: Nevada
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being "upside down" is simply a risk any financed property owner takes, as are many other financial investments. If the market doesn't go in your favor, you lose.
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#395321 - 11/21/11 11:52 PM
Re: Your thoughts on new HARP Guidelines
[Re: shana]
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Member
Registered: 06/27/10
Posts: 377
Loc: Land of Tree Huggers
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It is a crock. Fannie and Freddie loans only. Well BFD! How about non Fannie and Freddie loans. If I could drop my rate by 1% it would be over $250 per month. I could do a lot of economy stimulating with a 3% drop, which would put me right at market rates.
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#395959 - 12/01/11 10:15 AM
Re: Your thoughts on new HARP Guidelines
[Re: Cool guy]
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Major Contributor
Registered: 04/12/08
Posts: 4726
Loc: Vermont's North-East Kingdom
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Here's a new item providing further clarification: New HARP Program SummaryI gather without any further concern over the "value" of the underlying collateral, that will put the cabash on the need for BPOs, hey ? I'd imagine this is practical only if a Mortgagor is staying with the current Mortgagee ? Why would a new lender ever want to get involved in refinancing anything other than their own loans with this program . . . . and even then, I doubt they would WANT to. But the program WILL have the effect of reducing the number of "strategic" foreclosures, and other borderline situations where people are willing to ignore the decline in values . . . . so it will reduce the number inventory of REOs, however marginally.
_________________________
Dale C. Hittle of GOLDEN RULE PROPERTIES in Glover, Vermont
Where We're Always Striving To Put Together "THE FAIR DEAL"
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#396043 - 12/02/11 01:03 PM
Re: Your thoughts on new HARP Guidelines
[Re: Cool guy]
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Member
Registered: 01/07/10
Posts: 95
Loc: Seattle
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Well I tried on a few of my properties and I was turned down on every one. One wouldnt give me a reason (Wells Fargo) they just said "nope" you do not qualify, and another didnt qualify because it was originally an interest only loan. Another one didnt qualify because the way the loan was written (thats all they said) and the others are not fre or fan loans..... Very irritating to say the least.
_________________________
"We can let circumstances rule us, or we can take charge and rule our lives from within."
--Earl Nightingale
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#396056 - 12/02/11 02:43 PM
Re: Your thoughts on new HARP Guidelines
[Re: BPO Depot]
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Veteran Member
Registered: 08/01/06
Posts: 1123
Loc: Downey, California
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I spent a day with "the guys" last weekend and told them about HARP. One of them had been trying to get a reduced interest payment with no results for some time due to negative equity and high interest rates (over 6%). He mentioned the magic word "HARP" the day after we talked and US Bank dropped his interest rate to 4.8%, no money out of pocket, no paperwork and his monthly payment dropped by $300.
Needless to say, he was glad he bought me lunch. Now one of the other guys is in touch with his bank to see what he can get. I should note that neither one of them is suffering from major financial calamity, neither has ever missed a payment, but they are both seriously upside down and have high interest rates.
It's always nice to be able to help a friend... That lowered mortgage payment MAY just show up in a month or two on their credit report as a loan modification with a negative hit to their credit scores. Please report back to us if this should happen.
_________________________
"People rarely succeed unless they have fun in what they are doing"....Dale Carnegie
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Registered: 10/14/11
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