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MMC
04-10-2012, 08:58 AM
http://www.youtube.com/watch?v=QrdzaKmEWiY&feature=related

Since Obama's first HARP program failed miserably. Congress decided they would help out. Introducing HARP 2.

Conley
04-10-2012, 09:47 AM
The Home Affordable Refinance Program, also known as HARP, is a federal program of the United States, set up by the Federal Housing Finance Agency in March 2009 to help underwater and near-underwater homeowners refinance their mortgages. Unlike the Home Affordable Modification Program (HAMP), which aims to assist homeowners who are in danger of foreclosure, this program targets homeowners who are current on their monthly mortgage payments but are unable to refinance due to dropping home prices in the wake of the U.S. housing market correction.

http://en.wikipedia.org/wiki/Home_Affordable_Refinance_Program

The video says you have to have a Freddie or Fannie mortgage to quality?

MMC
04-10-2012, 09:54 AM
The Home Affordable Refinance Program, also known as HARP, is a federal program of the United States, set up by the Federal Housing Finance Agency in March 2009 to help underwater and near-underwater homeowners refinance their mortgages. Unlike the Home Affordable Modification Program (HAMP), which aims to assist homeowners who are in danger of foreclosure, this program targets homeowners who are current on their monthly mortgage payments but are unable to refinance due to dropping home prices in the wake of the U.S. housing market correction.

http://en.wikipedia.org/wiki/Home_Affordable_Refinance_Program

The video says you have to have a Freddie or Fannie mortgage to quality?

Yep.....but it also says if one has Wells Fargo, Chase, GMAC, that more than likely it was put thru under Fannie or Freddie. Course they do say it will not help those that can't make the guidlines. Which according to these guys. Have been loosened up.

MMC
04-10-2012, 10:01 AM
http://www.youtube.com/watch?v=pWxqwx53eX4

This one involves bankruptcy and LTV's.

Chris
04-10-2012, 11:48 AM
"Since Obama's first HARP program failed miserably. Congress decided they would help out. Introducing HARP 2."

Indeed, most liberal programs are fixes to failed liberal programs. When will they learn?

hutad
08-29-2012, 01:32 PM
http://www.youtube.com/watch?v=GCrWHY_2hYM&feature=player_embedded

Certain requirements must be met to qualify for a HARP Loan. While there may be additional criteria imposed by the mortgage servicer, the government requirements are as follows:

1. The mortgage must be owned or guaranteed by Freddie Mac or Fannie Mae - Many homeowners are unaware that their mortgages are linked to one of these organizations, since neither Freddie Mac nor Fannie Mae deals directly with the public.
2. The mortgage must have been acquired by Freddie Mac or Fannie Mae on or before May 31, 2009.
3. The homeowner must not have a previous HARP refinance of the mortgage, unless it is a Fannie Mae loan that was refinanced under HARP during March-May 2009.
4. The homeowner must be current on their mortgage payments, with no (30-day) late payments in the last six months and no more than one late payment in the last twelve months.
5. The current loan-to-value ratio (LTV) of the property must be greater than 80%.
6. The homeowner must benefit from the loan by either lower monthly payments or movement to a more stable product (such as going from an adjustable-rate mortgage (ARM) to a fixed-rate mortgage).

Peter1469
08-29-2012, 01:50 PM
The program is a joke. I tried to use HARP 1 in 2010 and their terms were b.s. I had a 6% 30 yr mortgage and they were going to give me a 5.75% mortgage for very high fees. I ended up getting a VA refinance for 4.2% with most fees waived.

Now I am refinancing again for a 3.25% VA loan for $3700. All other fees waived.

HARP is a scam.

MMC
08-29-2012, 01:57 PM
http://ts4.mm.bing.net/th?id=I4827616951535983&pid=1.8&w=139&h=143&c=7&rs=1

Greetings Hutad.....Welcome to the Political Forums of the Rant. :yo2: