President Obama has re-tooled the H.A.R.P Program.
To determine if your mortgage is owned by Fannie Mae or Freddie Mac:
- Go to each of the two listed web addresses listed below
- Please note that your loan will NOT be owned by both entities
- The company/bank you make the monthly payment to is a “servicer”, if the Government Sponsored Entities (GSE) owns your loan,
the “servicer” is just the collector of funds. They keep a small portion of the payment as their fee in the process!
- Once you have determined if either GSE owns your loan or if they do not own it… CALL ME!! 805-279-3038
http://www.fanniemae.com/loanlookup/
https://ww3.freddiemac.com/corporate/
Will you qualify for the revised HARP (HARP 2.0) program…will this program really work to ‘save housing’?
…few things to consider:
1) There are 11,000,000 underwater owners in the US. (and growing). Estimates are that HARP 2.0 can only ‘help’ 10% of those underwater owners…big reason, the owner must be current on their mortgage. If you are late, don’t apply. Of the estimated 11 million underwater owners nearly half are already behind on their payments, in default.
2) HARP 2.0 has nothing to do with homes already foreclosed. There are millions of homes readying to become REO listings over the next 12-24 months. Millions of homes that will be put for sale and discount prices. What effect will this have on property values?
3) Did HARP 1.0 work? The HARP program in its current form has fallen well short of its intended target of 4-5 million homeowners, helping just 894,000 of which only 70,000 were significantly underwater.
4) THE BANKS have to agree to participate in HARP 2.0. Its estimated that the banks will ‘lose’ 15,000,000,000 (15 BILLION) if they participate with this new program. Do you think banks will be eager to participate in 2.0?
5) AND THE BIG QUESTION….how many owners does the Obama Administration think HARP 2.0 will help? Their answer…’Time will tell’. In other words, they have no idea.
So, I ask you….is the new HARP 2.0 offering any real hope or will this program follow the same path as all the other programs and be seen as Hype?