HARP 3.0 [discussion]

[Lynda]

We are hoping HARP 3.0 can help us. We have not been eligible for a loan due to the fact that the income needed to qualify includes income we generate from the use of our home (we rent out 3 of our rooms). Our home is zoned residential and is our primary residence, however we use a portion of it for business…We have never missed a payment and our rates are at 5.75%. Can’t understand why the type of income we receive disqualifies us from every loan program!!

[Bill]

Sounds like my story. Sucked us in early and now our only options are to overpay or short sale…

[Shari Leonard]

We are in the same boat, we are paying 9.365%, bank will not work w/us, when we were on time, no program unless you are behind, when my husband got hurt at work in 2011 and was off for 4 months, unable to make a payment for 3 months, then we weren’t elegible for anyting because we were late, they will not refinance us because we have no equity because we are under water and our house will not appraise. Our loan is not fannie/freddie. They over appraised our house by $20,000 in 2005. They will not change anything because they are draining us blind, I had to cash in my 401K to bring payments up to date. My son also has a disability, and that is why they trapped us in this loan, we were desperate.

[Cheryl]

Is the HARP 3.0 available now? My sister would benefit with this.

[Bud]

Did you say that B of A was willing to work with people to refinance at a lower rate? I have paid $170,00 on my first and second mortgages and have only reduced the principals by about $5,000 over 7 years. My first was bought by B of A and the second is through Select Portfolio Servicing. I am way under water and the home is in bad shape to boot. Followed bad advice when I bought it in 2005 with an interest only loan because the lot is dividable. It is just draining me and keeping me from getting ahead and now my daughter is going to go to college with no savings program for that. Will HARP 3 be available soon and will it help me?

[Arkansas Rose]

Same here… people who have done the right thing and try to paid their mortgages on time or got behind by a month are being denied… our refinance was denied because our mortgage payment was only 45% of our total household income… in my opinion that’s a lot, because a person still has to live… with all the insurances going up every year (home, car, medical, prescription, life, etc…) with food and gas prices rising, with no jobs available, and/ or seniors living on a limited income. We tried to do the right thing by managing our money properly… but the only ones getting any help are those who way behind on their mortgages, bought more than they could pay for, bought homes in areas where the pricing went way down, etc… When will the government reward the people who are trying to do the right thing…There should be help for all of us, not just those who have made questionable decisions in their lives.

[Ginger]

I would like to enrolled in this program but I keep getting told it isnt in Florida yet.

[Jennifer]

I would like to know when this Harp 3.0 loan is coming. We’re underwater on our mortgage and no one will refinance because we currently do not have a FHA, Freddie Mac or Fannie Mae mortgage. Our monthly payments are killing us and we do not want to loss our home. Is this Harp 3.0 a loan that will save our home?

[Conna]

My original loan at 6.5% with 20% down was with Countrywide and taken over by BofA…. first attempt they ran me round and round and round for over a year. I ought to qualify for one of the programs, but BofA isn’t actually allowing anybody who pays on time consistently to make it through their hoops and delays.

How’d you get BofA to do anything but jerk you around?

[Sandy]

I read that the date would change to May 2010 if HARP 3.0 is approved. That’s what I need to happen as well. Fingers crossed.

[Kevin Kelly]

Jennifer,

We are in the same boat, if you find out anything besides we cannot help you, please notify me.

Thanks,
Kevin

[morganikaine]

Dear Senator:

I write to ask you to support and sign on to the HARP Bill S.249 that extends the eligibility date from June 2009 to 2013, (or at least 2010). I urge you to support this bill that will help thousands and thousands of people, like me. At present, HARP is limited to loans originated before June 2009. Hamp is limited to loans originated before January 2009. Thousands of people—like myself fall through the cracks because we missed the date—are in danger of default and foreclosure. My BB & T HAMP mortgage settled in 9-2009. I missed the date only by months. I have read so many online heartfelt stories about people, who missed the eligibility date, some just by just 1 day! Why can’t our government save our mortgages, too? Why are we excluded by an arbitrary date?

Back in 2008, I had applied for Obama’s HOPE program and waited for a response The HOPE program became anything but HOPE. When I initially applied for HOPE, my application got lost time after time. I would fax it over and over with the fax confirmation page proof attached. I even had a HOPE program advocate to help me. But, around 2009, she wrote and told me their non-profit program closed. Soon after my HOPE program application was denied: I failed to qualify because I had two mortgages. After that, in summer 2009, I conslodiated both mortgages for one 5½% 30 year fixed mortgage with BB & T. This became the best fix at the time in 2009. BB & T approved my application with no PMI due to my excellent credit rating and more than 20% equity in my condo. The consolidation only band aided the problem. Work furloughs, family surgeries and expenses became costly. Now in 2013, I have no equity, so despite my good credit rating, I can’t afford to refinance and I am stuck paying a 5½% interest rate.

Many people in this country fall through the cracks, just like me—due to mortgage origination date. There are no other mortgage programs, like HARP and HAMP, out there to help us. I applied with the BB & T mortgage hardship program office about streamlining my 5 ½% mortgage to a lower interest rate. But, because I am not late on payments, I don’t qualify and plus it will have negative impact on my credit.

In summary, please, I ask you to support and sign on to the HARP Bill F 249 because it will extend the HARP program eligibility date.

Thank you very much,

[morganikaine]

Hi all,
I just wrote the above letter to my Senators. There is a pending bill. If this impacts you, please write your representatives. I also wrote the senators on the committe of Banking, Housing and Urban Affairs. I am not sure what else we can do. to extend the Harp eligiblity date would potentially help a lot of people who are struggling with thier mortgages. thank you!

[Hector R. Cabrera]

Please sign this very important that would help hard working people like my self that are turned away by every bank and even our current mortgage company. Thank you

[Ted]

Please extend Help to Responsible Homeowners with Conventional loans and cannot avail of the Harp Program!!!!

[Lynn Champion]

Please sign this very important that would help hard working people like my self that are turned away by every bank and even our current mortgage company. Thank you

[RWilliams]

I am single Mother and have struggled for years with paying my mortgatge. I have tried to get interest rate loewered doe several years now and an unable too because my loan isn’t backed by Fannie Mae, Freddie Mac or FHA. What about the millions of homeowners like me that struggle and can’t get any help, Please get Harp 3.0 to mortgage holders like me that need the help but can’t get it…

[janet]

I have a mortgage not financed by fannie mae or freddie mac and am underwater. I cannot use harp 2.0. Please keep me updated on any harp 3.0 news. thanks

[richard]

what about va loans! no one wants to touch my upside down loan harp 1 and 2 did nothing to help I hope harp 3 will or I will go chapter 7 and give the home back to the tax payers.

[mike]

We too fall through the crack with the June 2009 date. As soon as any lender hears the date all we get is SORRY…We have never missed a payment and have excellent credit but still can’t take advantage of the lower rates (ours is 5 5/8%). But if we missed payments and fell behind the lenders would come out of the woodwork. We need help for those who “do the right thing” and help keep this country afloat…

[Author]

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