Home Buying in Sacramento>Question Details

ruthsvien, Home Owner in Sacramento, CA

HARP 3.0 Coming Soon?????

Asked by ruthsvien, Sacramento, CA Thu Oct 25, 2012

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Total Guess - after the election in November we won't get eye water to cry with!! I fully expect that government and lenders will be less sympathetic to those that have honored their mortgages and paid on time even though they've lost all equity in their homes.
0 votes Thank Flag Link Thu Oct 25, 2012
The answer to turn this around is not another government program like the QE3 (quantitative easing) program that prints money and turns around to pay debt with it. That's a shell game.

The answer is job creation. That is a REAL economic stimulus program based on economic theory.

I'm not sure why you want a HARP 3 or how you think it might be defined differently than the current program. It would be interesting for you to elaborate on what you are thinking would be better than the HARP 2 is.

I, for one, hope that we get real recovery and not another illusion. It helped some lower their interest rate but wasn't a solution.
0 votes Thank Flag Link Fri Oct 26, 2012
The HARP bill, proposed by the President, would provide all homeowners relief whose homes are underwater but do not qualify for the current HARP because their mortgages are not owned by Fannie Mae or Freddie Mac. The proposed HARP bill offers those homeowners an opportunity to refinance their loans at the lower current market rates. This program would cost the government nothing. It would benefit millions of people who are faced with the inability to lower their payments because they do not have equity in their homes and whose loans are not owned by Freddie Mac or Fannie Mae by allowing them to refinance.
Lower house payments mean more money they will have to spend which in turn stimulates our economy. Unfortunately, the Bill is being blocked by obstructionists in the Senate who say one thing and practice another. This Bill would offer recovery to homeowners facing this problem. Homeowners aren't looking for a reduction in their mortgage, only the ability lower their payments.
Flag Sat Nov 3, 2012
Rumor has it you are correct. It could take a while to unveil all of the details. If you want to talk specifics give Evangeline Scott of Big Valley Mortgage a call. She's got the 411 on all of the refi and loan programs available. She can be reached at 916-496-0160. Best of luck!
0 votes Thank Flag Link Fri Oct 26, 2012
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