We might be closer to “HARP 3.0” than expected. The Obama administration is reportedly considering issuing an executive order that would open the benefits of the HARP program to responsible borrowers who have conventional mortgages that are not currently backed by Fannie Mae or Freddie Mac. If this happens it would open the door for hundreds of thousands of homeowners to refinance to the historically low interest rates we are now seeing. Currently, borrowers who have less than 20% equity in their homes have great difficulty refinancing unless they have an FHA loan, Va loan, or a conventional loan backed by Fannie or Freddie. In cases where they still have some equity this currently undeserved group must add mortgage insurance to the loan and in cases where they have no equity they are out of luck entirely. So an executive order opening the benefits of the HARP program would be huge news.
Contact us in the sidebar to get the more information.
February 21st, 2013 at 5:23 pm
I have a freddiemac loan that has a ajustable rate(currently 6.0) 30 year note which ended up being picked up by Green tree services (5th) lender on loan.They have been adding illeagal fees to my monthly payment to the point that i can barely afford it.I am disabled collecting SSI,disabilaty.They refuse to modify my loan in any way and charge fees with no explanation.Google Green Tree Services and look at all the things they are accused of.There is also a “Victims of Green Tree Services” Facebook Page that you might also find interesting.I need help to nogoatiate my loan with or without them.Please help