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HARP is Failing 3.4 Million Homeowners

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  • Joe Karns | | 13 Oct 2012, 10:16 AM Agree 0
    I think the HARP 2.0 program has done a lot of good for homeowners but there is still room for improvement. Borrowers should have the choice to shop around at any bank they want and not essentially be tied to using their existing servicer, which appears to be the case from what I've experienced.

    Great article and keep up the good work.

    Thanks!
    Joe
  • Steve Cook | | 13 Oct 2012, 10:59 AM Agree 0
    Joe,

    Thanks for your comment.

    I agree with you. Though HARP has had its enough difficulties, I dont think it has been gtiven the credit it deserves for helping to relieve overall negative equity and helping more than a million homeowners reduce their monthly payments.

    I thought Sam Khater's critique was newsworthy and may help to improve the program.

    Steve
  • William Matz | | 13 Oct 2012, 01:26 PM Agree 0
    This article seems unclear about HARP 2.0. E.g.,it refers to owners not taking advantage "because "they owe more on their mortgages than they are worth." H2.0 removed the 125% LTV cap and also made rental units eligible. However, many lenders impose "overlays" that are more restrictive, preventing full implementation of the program.

    Also, the comment "borrowers paid for the prepayment refinance option" is mysterious. FNMA borrowers do not have a prepayment penalty option. So I am unclear what that comment meant.

    HARP 2.0 would work fine if lenders would just allow it to work according to its terms. (BTW, same problem with VA streamline refis, where lenders are denying many veterans their right to refi.)
  • Steve Cook | | 13 Oct 2012, 02:00 PM Agree 0
    Hi William,

    Here is a link to the CoreLogic study. http://www.corelogic.com/about-us/news/corelogic-releases-october-marketpulse-report.aspx
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