Home Forums Article Discussions The Rise of HARP 3.0 [discussion]

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    HARP 3.0 New Plan to Provide Relief to Underwater Homeowners. A settlement between big banks and the government is set to spell relief for one million
    [See the full post at: The Rise of HARP 3.0]


    Kelly Hauk

    I hope the banks do there part!!!! They do not like to play by the rules!!!!!



    When will this program start???


    Chargers Fan

    Ask your Congressman….



    We are standing by waiting on this to pass congress !



    Are there any plans to extend the eligibility date past the May 30, 2009 deadline for refinancing your mortgage?



    Harp 3.0 says that “The settlement program is currently limited to those homeowners whose mortgages are owned by Bank of America, JPMorgan Chase, Citigroup, Wells Fargo or Ally.”
    What if the investor for my Bank of America mortgage is ‘Bana Las Hsi’ (They are another investor like Freddie Mac). Will I still be elegible? Is Bana Las considered an Ally of Bank of America.



    I hope they will extend the eligiblity date beyond the May 30 2009 date. Lots of us refinanced around that time but we are under water now ,therefore making us ineligible to take advantage of the current lower interest rates. Sadly, innocent working people have been been hard ,all because of corporate greed.



    You did not say anything about homeowners who have the Morgage Premium Insurance. They do not qualify for HARP 2 or 3. Is that true?? If true, will HARP continue to extend help for people with MPI.


    Jeff Majtyka

    Jamine, I’m with everyone else waiting for that magical March 19th date when the 2.0 program kicks off. Streamlined version anyways. I also have (PMI) and from everything I’ve read, yes you do qualify if you have PMI. (Private Mortgage Insurance). It wont be eliminated or raised, but you still qualify. Read further into this program on Bills.com for more help.



    What about if you have a 2nd mortgage owned by Chase but the 1st mortgage is owned by Freddie Mac. Can the HARP 3.0 work for you?



    Yes, when will this program start!!!Be it soon…I myself can not get any help from the bank that I have my mortgage with..


    Alfred G.

    My wife and I are anxiously waiting for a revision of the program that would apply to us. We bought our house in Sep-2009 (after the cut off date) and our house value has dropped over 20%. Even though we are current and our loan is with Fannie Mae we do not qualify for HARP 2.0 because of the purchase date.

    Will the qualifying dates for the program be extended beyond Jun-2009?


    David price

    There would be no need for harp3 if fanniemae would remove.


    Larry Young

    What if my mortgage company is not one of the additional 9 that will be added? Does that mean I can never get any help? My home is about $70k underwater and it just doesn’t seem fair that some people can get help while others can’t. I have never missed a payment or been late since my loan began in 2005.



    Wells Fargo offered me a refinance with no closing in 2011 at 5.5 not mentioning I was eligible for harp. since I had my mortgage since 2006 I took it and now can not refinance through harp



    this is how i ended up here. in 03/2009 i filed for divorce not knowing that i would end up with the house. so i did a refinance through my credit union to remove my ex wife,s name off the mortgage of the house. i got a mortgage @6% 155,000.00 30yr a payment of 1,200.00 that includes property taxes. in 03/2011 i went to refinance and was locked in @3.8% the loan was approved and i was waiting for the appraisal to come in. it came in alright at 134,000.00 which killed the loan on the spot. now the harp 2.0 comes out i was hoping to qualify for that but i don,t. it states in the qualifications that you must have closed on or before 05/31/2009. i closed on 07/01/2009! i would like to know how they came up with that! and what the chances are that the date of 05/31/2009 gets pushed through to 12/31/2009 that would be great!


    Bill Morris

    HARP 3.0 will still be needed because if focuses on the loans currently not backed by Fannie Mae or Freddie Mac. A huge sector is caught in this pool.


    Bill Morris

    Ya, a lot of banks did this without really letting people know what was going on. It is sad to say, once a mortgage has been refinanced it no longer can be refinanced using the Harp program. One side note, there are costs associated with every refinance that need to be paid one way or another.


    Bill Morris

    It is possible to do a HARP refinance with PMI. However, it comes down to weather it was lender paid or not.

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