Another Failed Federal Program

[Ocala Mike]

Does anyone on here have any experience with HARP? I don't need the program, because I'm not "under water," and in no danger of being unable to meet the terms of my current mortgage, however I am being aggressively hassled by my current lender (really an affiliated mortgage company not even my actual current lender).

They want me, in return for a much reduced interest rate, to go out FURTHER in years, submit to a new appraisal and new credit checks, and pay origination fees.

I told the representative, a la Michael Corleone, that these are MY terms:

NO credit check, NO appraisal, NO extension in years beyond my current amortization date, and either a reduction in interest rate or a reduction in principal WITH NO PAPERWORK.

I know, fat chance, but I did a little research and made a few phone calls and found out that the HARP program (like Cash for Clunkers a few years back) is simply a gold mine for the banks and mortgage companies, the same people we bailed out five years ago. Bottom line; I'll keep my current note and payments rather than go through a sheaf of paperwork again.

[Robert Goren]

"Underwater" has taken on a specific meaning in the mortgage business. It means the value of your property has dropped in value to the point it is not worth what you owe on it. It has nothing to do with your ability to pay off the mortgage. A case would be a house you bought for $400k in 2007, but if you tried to sell it today you could only get $80k and you still owed $200K. . Some people are walking away from those situations. Hopefully you are not in that situation. CNBC recently did a piece on this.

[Zydeco]

Does anyone on here have any experience with HARP? I don't need the program, because I'm not "under water," and in no danger of being unable to meet the terms of my current mortgage, however I am being aggressively hassled by my current lender (really an affiliated mortgage company not even my actual current lender).

They want me, in return for a much reduced interest rate, to go out FURTHER in years, submit to a new appraisal and new credit checks, and pay origination fees.

I told the representative, a la Michael Corleone, that these are MY terms:

NO credit check, NO appraisal, NO extension in years beyond my current amortization date, and either a reduction in interest rate or a reduction in principal WITH NO PAPERWORK.

I know, fat chance, but I did a little research and made a few phone calls and found out that the HARP program (like Cash for Clunkers a few years back) is simply a gold mine for the banks and mortgage companies, the same people we bailed out five years ago. Bottom line; I'll keep my current note and payments rather than go through a sheaf of paperwork again.

Exactly....if I have been making a 1200.00 mortgage payment for 4 years at 5.25%...and now you say you will give me a loan at 4.25% which will LOWER my payment by 200 dollars a month....duh!!! why do i need paperwork...appraisal..origination fee.....oh yeah the fees are the banks profit..its bs

[Ocala Mike]

What Zydeco said. And, Robert, I know what "under water" means. I'm good on that as my horse farm and residence together (which is what is mortgaged) is worth roughly 1-1/2 times what I owe on it even though it's lost about 1/3 of its value in the last 6-7 years.

I've got a good mind to file a formal complaint against one or both of the lenders here, although I don't really have any "damages," other than the aggressive marketing campaign.

[Zydeco]

"Underwater" has taken on a specific meaning in the mortgage business. It means the value of your property has dropped in value to the point it is not worth what you owe on it. It has nothing to do with your ability to pay off the mortgage. A case would be a house you bought for $400k in 2007, but if you tried to sell it today you could only get $80k and you still owed $200K. . Some people are walking away from those situations. Hopefully you are not in that situation. CNBC recently did a piece on this.
I'm not good at math ...but bought for 400,000 can only get $80,000 seems i would still owe 320,000,,,but please give me an A for trying lol

[PaceAdvantage]

Does anyone on here have any experience with HARP?And here I thought you were talking about that big antenna array out in Alaska...

(https://en.wikipedia.org/wiki/High_Frequency_Active_Auroral_Research_Program)

:lol:

[Zydeco]

And here I thought you were talking about that big antenna array out in Alaska...

(https://en.wikipedia.org/wiki/High_Frequency_Active_Auroral_Research_Program)

:lol:
and obviously the detective and the banks are talking about some (not sure about THAT big antenna) lol

[Robert Goren]

I'm not good at math ...but bought for 400,000 can only get $80,000 seems i would still owe 320,000,,,but please give me an A for trying lol Some of it should have been paid off since 2007.