Will you qualify for the revised HARP (HARP 2.0) program…will this program really work to ‘save housing’?
…few things to consider:
1) There are 11,000,000 underwater owners in the US. (and growing). Estimates are that HARP 2.0 can only ‘help’ 10% of those underwater owners…big reason, the owner must be current on their mortgage. If you are late, don’t apply. Of the estimated 11 million underwater owners nearly half are already behind on their payments, in default.
2) HARP 2.0 has nothing to do with homes already foreclosed. There are millions of homes readying to become REO listings over the next 12-24 months. Millions of homes that will be put for sale and discount prices. What effect will this have on property values?
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3) Did HARP 1.0 work? The HARP program in its current form has fallen well short of its intended target of 4-5 million homeowners, helping just 894,000 of which only 70,000 were significantly underwater.
4) THE BANKS have to agree to participate in HARP 2.0. Its estimated that the banks will ‘lose’ 15,000,000,000 (15 BILLION) if they participate with this new program. Do you think banks will be eager to participate in 2.0?
5) AND THE BIG QUESTION….how many owners does the Obama Administration think HARP 2.0 will help? Their answer…’Time will tell’. In other words, they have no idea.
So, I ask you….is the new HARP 2.0 offering any real hope or will this program follow the same path as all the other programs and be seen as Hype?
This is just another political Hype…Oboma has no intention in helping the American people, he just want to get re-elected. He can not reseract the dead again, put bullies in front of the voting polls or pull any more of his GREAT deals. Like most politions, he says one thing, does something else, blames the OTHER party if it falls apart and mocks everyone behind their backs….and they wonder shy we are disgusted and fed-up with the lot of them. Now to the rest of the question/answer….he may sign the BILL for HARP 2.0 but Oboma, the banks and the mortgage companies will make it for hard for people to qualify that it will be a lose/lose situation for the home owner. They mention Freddie Mac and Fannie Mae, what about Jennie and the numerious subdivisions within the rural areas…remember people were/are moving out of the dangers of iving in town into other areas which is/are out of the city limits. Are these the forgotten lot and do not exsist in their eyes?? To say it: HARP 2.0 is actually HYPE 2.0!!!
Why should the government be helping anyone with their home. The entitlement mentality is absolutely out-of-control. If you lose money in the stock market, do you ask the government to refund you the money you lost. No one has ever guaranteed a homeowner that property values would not drop…never ever!!! Doesn’t everyone always talk about a home being an investment. There are NO guarantees.
BTW, we shouldn’t have bailed out the banks either.
The government helped the banks to commit fraud andhen bailed them out and that is what caused all of the homes to lose value. This is not entitlement but asking the government and the banks to be accountable to the people they hurt by their actions. Really the people who did this should be put in jail just like Bernie Madoff. They securitized the loans and sold them several times like in a Ponzi scheme. They knew these loans would default when they made the loans. The banks made billions leaving the rest of the world to lose everything and created this economic mess we are in. As they knew what they had done, the people on Wall St bet against the real estate market because they knew it was going to go down as they caused it and they made even more money doing that. This is called insider trading and is illegal. They should be put in jail also. When it is a fair playing field, what you say is correct but when you have this kind of massive fraud going on, people have a right to be mad and get help. It is expensive to sue banks and not everyone has the money or time to do that although many are doing it. The govt needs to own up to their mistakes, get the people out of the govt who committed these crimes and help to get the economy back to one with integrity and fair dealing.
I wish they have included the homeowners that are in default already to this Harp 2. we could save more houses to go on foreclosures.
Their thinking is that they want to reward those who have been making payments and punish those who have not….ironic, is it not?
I am a Realtor and my husband sells building material. When the housing crisis hit we were hit especially hard and fell behind 6 months in our payments. We applied for a loan modification and was certain that we would qualify. In the meantime we recovered a bit and were making our payments on time for 9 months (but were still the original 6 months behind while we were trying to modify). The bank started refusing our payments and denied 4 modification attempts. The reasons varied from not making enough money to making too much money, for faxing in documents etc. It has been 2 1/2 years of hell. We had a chance to refinance with a more liberal bank that understood our situation and Chase told us they would rather foreclose on us than to drop any late fees or interest. All we want to do is stay in our home and the bank is doing everything they can to push us out. The new Harp will not help us at all and as far as I can see there is no program that can help. Trying to talk to the bank is such a joke. Try calling them and getting disconnected 5 times in one conversation. I was told the vice president of the bank does not take phone calls……..blah blah blah