The Rise of HARP 3.0 [discussion]

[Vivian Mortgage Lender]

There may be other options using FHA for manufactured housing loans, even if you have a Fannie/Freddie mortgage currently. Even if HARP 3.0 passes, the banks/institutions/mortgage company may have overlays not to accept some of the more lenient guidelines. Currently, Harp 3.0 has not passed, but the proposals look reasonable. You need to start with the current mortgage servicer and see if they will do a “DU REFI PLUS”. Or a correspendent Lender to see if they have options to take you to a different mortgage servicer/investor using HARP 2.0 or altogether, FHA or new Conventional Refinance.

The most important thing to look at right now is CURRENT APPRAISED VALUE. Fannie Mae cannot exceed 125% LTV, Freddie Mac cannot exceed 105% …this is for HARP 2.0 ONLY!

[linda cotrone]

I think many homeowners would benefit from extending or removing the cutoff date of June 2009. There are still many areas in California and other states that have not seen a increase in value of their homes enough to refinance their to the homes to a lower interest rate. We had an appraisal done and couldn’t do the loan because of being 2 percent off of the value. I think if Harp 3 is implemented, removing the cut off date would help many homeowners as well as stimulate the economy, and eventually lead the housing market into recovery.
Linda

[Tepty]

What is the status of the HARP 3.0?? Should I keep holding my breath since there will be no hope for me unless HARP 3.0 is passed?

[gary]

I thought HARP 3.0 has not been passed by Congress and signed by President yet. Am I wrong ?

[Steve, California]

It’s great to watch the obama’s partying while I can’t get help on underwater home refi due to mortgage not being backed by fannie or freddie, like tens of thousands of others i didn”t have a choice on who bought my mortgage. try level the playing field, maybe 3.0 will be the answer or maybe being honest, hardworking and playing by the rules is not the american way anymore. maybe obama should listen more to the people that already live hear than the people that are trying to get here!

[gary]

As asked before has Congress passed HARP 3.0 yet, if not, when is it expected?

[mark a hill]

I have written Barbara Boxer, no response. Menendez has his own alleged problems, minor as they may be. I wrote my own Senator Frank Wolf and have not gotten a response. They are busy with gun control, hurricane Sandy; I’m afraid we will not here anything more about HARP 3.

[Bob]

This is ridiculous. I purchased in 2007 for $153 and the home is now worth about $110. The mortgage is serviced by B of A (I use the word serviced lightly). I started the refinance process in March of 09 and it took them 3 months to refinance which was completed in June 09. Because of B of A taking 3 months I am now inelegible to refinance to a lower rate and term because of Fannie Mae’s guidelines of June 2009. If I were able to refinance to a 15 year fixed it would save me about $30k over the next ten years which is when I probably will be forced into retirement at 62. If they do not allow me to refinance into a 15 year product I probably will default in 10 years from now since I will not be able to keep the house at that point. These idiots in Washington just dont get it. GOD help America we are headed for a big ditch!!!

[Maria Fenyes]

Maria
Is the HARP 3.0 proposal considering an extension or a removal of the cutoff date of June 2009 ?
An extension or a removal of the June 2009 cutoff date would help millions of homeowners who refinanced or purchased their homes after June 2009, since interest rates were still very high in 2009/2010, compared to what they are now.

[Lillie Patterson]

when will harp 3.0 be available?

[Lillie Patterson]

will I qualify for HARP 3.0 since I have only been out of Chapter 13 for 9 months.

[Cathy T]

There are lenders that will go up to 200% LTV for Freddie

[Steve]

Amen brother. I am in the exact same situation and call the bank regularly to see about some help. THATS a JOKE

[Laura]

I am in the same boat. BofA took over my Countrywide mortgage. It took two years for BOFA to deny me a modification. I cannot stand that company. A total joke. Lost my paperwork three times. Bottom line is modifying isn’t smart anyway. If underwater should just short sell and rent for two years. I know that is what I should do but frankly I am holding out for harp 3 possibly coming our way.

[Author]

Posts