New HARP 2.0 Program Revisions

New Hope With Government HARP 2.0 Revisions

New HARP 2.0 Program RevisionsThere is a feeling of new hope as the New HARP 2.0 Program Revisions details are being reviewed. Unlike the original HARP the new HARP 2.0 Program revisions includes new terms and requirements which will apply to thousands of families who are currently hopeless.

The reformatted HARP program has improvements for the borrowers and for the lenders, the borrowers underwater limit of 125% will probably be deleted, and all the underwater mortgages would be included, the lender are free from the buyback sanction which help many of them from participating with the old HARP program.

” Although details of HARP 2.0 have not been fully announced, some anticipated improvements are:

  • In the 1st HARP, the underwater limit was 125%. In HARP 2.0, it appears there will be NO limit.
  • Fees could be reduced – e.g. an automated appraisal may be allowed vs having to pay for a new report
  • There will be no “buyback” requirement, where the originating lender would have the possibility of taking back this loan from FannieMae or FreddieMac and having to reimburse them, if the borrowers went into foreclosure.

The buyback requirement in the 1st HARP program caused many lenders not to want to participate, leaving those lenders who did participate with huge, overwhelming demand. Add to that the underwater limit of 125%, and the probability that the appraisal would even further cause the borrower(s) not to qualify because of getting an appraisal that did not give the value to keep the underwater limit at or below 125% – well, you get the picture.

The intended effect of these (and probably other) improvements is designed to enable millions of underwater homeowners to get better terms on their mortgage to help them prevent foreclosure The mortgage must be currently owned by FannieMae or FreddieMac, and cannot have been refinanced under the 1st HARP program. The full details are to be announced by November 15, with applications to be taken beginning December 1″ See original Patch..

Government HARP 2.0 Revisions Cons

Here is another opinion of a mortgage broker who thinks that the new HARP 2.0 revisions are government interventions, that  are interfering with the natural way the underwater mortgage housing problem should be solved:

What do you think? Will the new HARP 2.0 Program help or interfere?

So What Is The Next Step?

If you will do nothing.. don’t expect anything to happen. You must bump your credit score up! It will give you better leverage when facing the lenders, and better negotiation position when applying for any financial need.

Lets not forget you are probably paying $500-$1000 extra per year in higher interest rates, and credit payments to those rich credit companies pocketing your payments hoping you keep doing nothing.

If your score is below 700, you might want to clean it yourself – get this ‘Credit Repair University’ which will save you money and time.

Yes, you might need to invest a small sum to get a grip of things.. But if you think education is expensive.. try ignorance..

Do Credit Repair HERE – Get This Low Cost Guide Thousands Use To Do It

You are probably paying thousands of dollars per year in fees and interests to credit companies which could be going straight to your pocket. Don’t be cheap when it comes to financial education.. Ignorance costs more.


Comments are closed.