Harp New Deadline December 31, 2015

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Evan Bedard

Call 1-800-779-4547
Loan Safe Mortgage
Aug 26, 2007
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San Diego, California
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The Federal Housing Finance Agency announced today that they are extending the deadline for borrowers to apply for the Home Affordable Refinance Program (HARP). Although the program was originally set to expire at the end of 2013, the FHFA determined it would be in everyone’s best interest if the program was extended. It took quite some time for lenders to get this program up and running and establish sound processing for this type of refinance.

HARP was created back in early 2009 to reach out to homeowners who were current on mortgage payments, but could not take advantage of lower interest rates because they lost value in their property. With millions of homeowners underwater and not eligible for a refinance due to the housing crash, it was essential they came out with a program designated to borrowers stuck in limbo.
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“More than 2 million homeowners have refinanced through HARP, proving it a useful tool for reducing risk,” said FHFA Acting Director Edward J. DeMarco. “We are extending the program so more underwater borrowers can benefit from lower interest rates.”

http://www.loansafe.org/underwater-refinance-program-harp-deadline-extended-to-december-31-2015
 

Erik Sandstrom

Mortgage Expert - Call 1-619-379-8999
Staff member
Loan Safe Mortgage
Jan 14, 2011
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63
San Diego, California
www.loansreduced.com
This is fantastic news, thank you for sharing the extension date! Many homeowners are still awaiting to refinance under the program due to it's strict requirements. They have also been evolving the program since it's inception back in March of last year, more people are qualified that were not before due to the expanded approvals.

Loan modifications are now allowed as long as there has been no principal reduction. I know many homeowners that received modifications will be recasting to a much higher rate or sometimes didn't receive much of an interest rate reduction at all. I've been happy to help many of our LoanSafe members successfully obtain a HARP refinance and guide them in a direction for the future if I was unable to help at that time which this extension will help!

Hoping there will be progress on HARP 3 very soon, I'll keep everyone updated!
 

Evan Bedard

Call 1-800-779-4547
Loan Safe Mortgage
Aug 26, 2007
18,837
48
48
San Diego, California
www.LoanSafe.org
I agree Erik this is awesome news and recent reports definitely show that more people have been able to qualify for HARP then in the past!:)

FHFA Reports More Than 463,000 Refinances in February | LoanSafe

The Federal Housing Finance Agency (FHFA) today released its February 2013 Refinance Report , which shows that refinance volumes remained high as mortgage rates hovered near historic low levels. More than 463,000 refinances took place in February, with 97,738 completed through the Home Affordable Refinance Program (HARP). This brings the number of total HARP refinances to more than 2.3 million since the program’s inception in April 2009.
 

yadfgp

LoanSafe Member
Dec 17, 2009
38
0
0
I'm so thankful that they extended that deadline! :)

I've been trying to do a HARP on my primary but B of A recently sold my mortgage to Green Tree. :(

I don't understand how companies as horrible as Green Tree seem to stay out of the news with all the screwing over they've done to so many people.

I've called them at least 10 times to try and do a HARP refi with them. If I'm lucky enough to talk to someone, they make excuses. "Oh my system is down right, I'll call you back later." Or my favorite one, "I was just about to take my lunch, so I am unable to help you right now. I'll call you back later."

And of course they never call back! :love:

My problem is my DTI is around 70 percent, so I cannot do a HARP refi with anyone else! How stupid is that requirement?

I just saw on OBama's weekly address today that he wants to do more to help homeowners such as myself be able to refinance their homes. Hopefully with that he will address the same servicer requirement for high DTI's like myself. And I can do my HARP refi through someone else!

I mean it's stupid. I've been at the same exact employer for almost 20 years. My LTV is only around 105 percent. Credit score in the low 700's. Just can't refi because of my DTI. And the fact that Green Tree is a worthless company full of incompetent morons. I can't believe that they do whatever they can to avoid dealing with their customers??????

Anyways, thanks to the new HARP deadline, I'll have all my debt paid off by the beginning of next year, my DTI should be around 45 percent or so by then, and I'll be able to do a HARP refi with someone else besides Green Tree...

I just can't stand the fact that my hands are tied and I'm just throwing away money on my current mortgage in the mean time. :(

Thanks Even and Erik for all that you guys do here. :D