Are you looking for a HARP 3.0 Update?

Mortgage Officials met with the White House in April at which time the Obama Administration continued to indicate its support for expanding HARP to private-label loans and extending the HARP eligibility date. HARP 3.0 will be available to underwater home owners that their loan is not backed by Fannie or Freddie. We expect HARP 3.0 to become available by the end of the year. If you are an underwater homeowner not backed by Fannie or Freddie contact me through my profile. I am keeping everyone updated as to the progress of the HARP 3.0 loan.
  • May 13 2013 - US
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    Answers (60)

    Profile picture for phredtgrate
    I would like to know where is the federal reserve discount window.  I would like to get a .01% interest loan for 10 trillion dollars (like the banks got) to buy treasury notes paying 2-3% and then pay it back and say to everyone that I took no government bail out.I only need 1 trillion for about 1 minute interest and I can retire comfortably.  Harp3.1 we can call it.
    • October 15 2013
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    Sunnyview, we actually buy the note from your lender.  We package up 100's of notes with certain banks and lenders and purchase their upside down notes.  We then Lease it back to the owner and after 1-3 years we can refinance it back into their name.  Because our investment group is the actual holder and owner of your note, it's not an ARM's length transaction. I assure you it's 100% legal as myself and/or the hedge funds wouldn't be involved if it wasn't.  It's a shame people like Mike try to defamate my reputation when he clearly doesn't understand how the purchasing of notes and the secondary market operates.
    • October 12 2013
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    Mike, I have been in the business for over 20 years and have helped 1000's of people.  I have 5 star reviews all over the internet and an All Star Zillow user. I also have a law degree and understand the law in and out. It's you sir that is a parasite to our society and try to drag people down and make allegations that have absolutely no merit. For one you don't even know me, so why would you try to make allegations like that to try to harm my reputation?  I truly feel sorry for you and hope you find your way someday.  
    • October 12 2013
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    Profile picture for mikeorin111

    Sunnyview-  What you need to understand is that people/lenders like Ken Burrows are not concerned with the ''laws'' or regulations when it comes to lending, they are simply out to scam people and make a quick buck.  Most of the scammers went back to selling cars after the real estate meltdown but a few do persist as you can see.  

    People like him think if they spew enough BS they will snag a few fish/suckers.  Kind of a shame Zillow allows his bologna.

    • October 12 2013
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    Profile picture for sunnyview
    "We now have a program with a hedge fund to purchase your home and Lease to Own it back to you at 90% of the current value."

    I don't understand how that's not mortgage fraud since it is not an arms length transaction. Can you help explain?
    • October 12 2013
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    With the Government shut down we don't feel this is going to be passed anytime soon, if ever.  We now have a program with a hedge fund to purchase your home and Lease to Own it back to you at 90% of the current value.  If this is something that interests you, you can find the details through our profile on our website.  This program isn't for everyone but we hope it helps some families get back on track.  
    • October 12 2013
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    Profile picture for user0880220
    I am underwater with my mortgage and Harp 3.0 would help since my loan is not backed by Fannie or Freddie. Please keep me updated
    • October 12 2013
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    Profile picture for eireboy63
    please keep me posted on the availability of HARP3.0 refinancing at eireboy63@gmail.com
    • October 10 2013
    • 0Yes

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    Profile picture for user24479591
    with this lame, crooked administration in office, they simply stated a "let's help you" piece of garbage with NO intentions to fulfill ... let's 'kick him out & mr. no-brain biden' AND start a-NEW!!
    • September 07 2013
    • 1Yes

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    Well said Sunny!   

    As much as I would love to be wrong, I don't think HARP 3 was ever viable.  It is one thing for Fannie and Freddie to re-write their own loans to mitigate their risk.    For Fannie/Freddie or FHA to take on new underwater debt is a completely different story that was likely never anything more than political posturing when it was incarnated in one of its many forms that never went anywhere.
    • September 06 2013
    • 2Yes

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    Profile picture for sunnyview
    There is no update to pending HARP 3.0 legislation. The Responsible Homeowner Refinancing Act of 2013, bills H.R. 736 and S. 249, continue to sit stalled in chamber committees.

    HR 736 has not moved since Valentines Day  and S 249 has been sitting dead in a committee since February 7, 2013. Seven months with no change equals a dead political issue.

    HARP 3.0 is not on the horizon politically at all. Homeowners should look at the options they have on the table and make their best call. 
    • September 06 2013
    • 2Yes

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    This is from a Blog post, however we have not been able to determine it's validity. Will update any new information if we hear anything. ------------

    HARP 3 chatters grows louder as Congress gets set to reconvene next week.

    On September 9, members of both the House of Representatives and the U.S. Senate report back to Capitol Hill. U.S. homeowners wonder if the HARP 2.0 will finally get its upgrade.

    The HARP 3 program is currently waiting in committee.

    • September 06 2013
    • 0Yes

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    Profile picture for user95745476
    Ken, thank you for your due diligence you have done on keeping us informed through our representatives.  Not an easy task holding these guys feet to the fire.  Respectfully, JD
    • September 05 2013
    • 0Yes

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    I am a mortgage loan officer and, yes, I do what I do to make a living for my family.  I can also say that this program has helped so many people!  I pray to God that Harp 3.0 comes out so people that have not been able to take advantage of the low rates, can finally do so.  Yes, rates have gone up but there are still many people out there with 7-8% sub prime rates that could be helped.  I find making money and supporting my family all the while helping people, quite rewarding!  Praying for Harp 3.0!
    • September 04 2013
    • 0Yes

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    Profile picture for sunnyview
    "What other options are there but to walk away, file bankruptcy, short-sale ?"

    That's right. Plus you also have an additional option to try to get your mortgage company/investor to agree to a loan modification. The people in the front of the foreclosure mess walked away from their houses and are already eligible to rebuy now. Every year you wait at this point for HARP 3.0 is time lost in being able to qualify for a new home loan on a house that is not underwater.

    If your market is not close to rebounding to your purchase price (and many are not) at this point, it is time to consider ALL other options including short sale, walking away, deed in lieu, bankruptcy or loan modification. Get legal advice before you decide so you understand your options and the laws in your state. Some states have deficiency judgements so you need to ask about those before you make your plan.
    • August 26 2013
    • 0Yes

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    Profile picture for CuongVuong
    "With the current housing numbers, I do not see HARP 3.0 happening at all. The government has handed out all the financial bandaids that they needed to keep the economy from derailing.  The underwater owners who walked away first are back in the market already so there is little incentive to extend more help. 

    Anyone still underwater and unable to HARP needs to start considering actual options that are available instead of waiting for something that may never come."

    What other options are there but to walk away, file bankruptcy, short-sale ?
    • August 26 2013
    • 0Yes

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    Profile picture for 800lbs In The Room

    phredtgrate,

    "HARP 1 and 2 did nothing but help banks."

    This is a completely false statement. No need to argue it.....

    "They will be getting "my" house soon because they gambled that I would have equity after 10 years on an interest only note."

    [Content removed by Zillow moderator due to violation of Good Neighbor Policy.]

    • August 13 2013
    • 3Yes

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    To answer:  
    Because the 1st. loan is after June 1st. 2009 you wouldn't qualify for the HARP 2.0 product.  Two loans are possible as the 2nd. loan would be subordinated. I will be keeping people updated to any programs that may be able to help you.
    • August 13 2013
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    This would be great news, however I wish they would extend the eligibility dates to another year or two!
    • August 13 2013
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    Profile picture for user97942774
    Ken if you have 2 mortgages and your upside down and 1 is a fannie or Freddie can I still be helped? My 1st loan is 9/2009 date.
    • August 13 2013
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    Profile picture for phredtgrate
    HARP 1 and 2 did nothing but help banks.  What is HARP 3 going to do to help banks?  There is no incentive for banks to do anything otherwise.  They will be getting "my" house soon because they gambled that I would have equity after 10 years on an interest only note. They underwrote the mortgage and now they will eat it. Of course I lost 50K also, but the government only bails out banks, and they will somehow profit at taxpayer expense on this deal
    • August 12 2013
    • 0Yes

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    Profile picture for SteadyState
    Catherine says - "It is ashame that responsible people are left with higher interest rates and holding the bag on underwater homes to where refinancing and/or selling the home is impossible without a loss.:.

    Let me put it bluntly to you. No one put a gun to your head when you bought the home. Moreover, if the home would have gained in value would you have shared the profit with your neighbors. NO YOU WOULD NOT SHARE THE PROFIT. Please stop begging for help and learn to make informed decisions - the country cannot afford anymore bailouts!!! Don't buy if you do not know the consequences.
    • August 08 2013
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    Profile picture for blue screen exile
    Yes, in the interview Zillow Spencer Rascoff moderated yesterday with Obama, Obama stated he is pushing for HARP 3.0, and Spencer was "hoping" for it, and many Senators are on Board.

    But the House is an entirely different matter, and they are "not interested", and it can't get passed if it can't get past the House.  Sure, Obama thinks it is happening by the end of the year.  I really don't think so.  It is not even clear that Congress can make up their mind on the Federal Budget and the Debt Ceiling by the middle of November.
    • August 08 2013
    • 2Yes

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    Profile picture for sunnyview
    "With recent news of Obama pushing to break up Fannie Mae and Freddie Mac we are hearing rumors that during this push and proposals the HARP 3.0 or similar programs will be re-introduced."

    Not gonna happen. Fannie and Freddie have some of the most powerful lobbyists on Capitol Hill. They don't want HARP 3.0 so their congressman won't pass a revamp. The political will to bail out leftover homeowners with investor mortgages is gone and the current housing numbers do not support a need.

    Obama doesn't have the clout to push a HARP reboot either. Homeowners who are still struggling need to take a bird in the hand if they have one or explore real options if they don't. The 3.0 calvary is NOT coming.
    • August 08 2013
    • 2Yes

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    With recent news of Obama pushing to break up Fannie Mae and Freddie Mac we are hearing rumors that during this push and proposals the HARP 3.0 or similar programs will be re-introduced. Just keeping everyone updated as to what we are hearing. We all are hopeful this type of program is enacted before the rates are to high to help anyone. Every little bit helps, contact your Congressman today.
    • August 08 2013
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    Profile picture for sunnyview
    With the current housing numbers, I do not see HARP 3.0 happening at all. The government has handed out all the financial bandaids that they needed to keep the economy from derailing.  The underwater owners who walked away first are back in the market already so there is little incentive to extend more help. 

    Anyone still underwater and unable to HARP needs to start considering actual options that are available instead of waiting for something that may never come.
    • July 19 2013
    • 2Yes

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    Profile picture for user9299342
    Just be honest Ken, that's all. It's good to know that you have found your path- to help the U.S. economy, good for you Ken.
    • July 19 2013
    • 3Yes

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    Please stay off my posts if you can't be professional.  Of course this is my business and while helping people I make a living. I'm not sure why that offends you but it's people like you that are negative to our society. Hopefully you will find your path someday.
    • July 19 2013
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    Profile picture for spanky25
    Rates between 4.5-4.625% It's useless now.
    • July 19 2013
    • 2Yes

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    Profile picture for user9299342
    KEN, your claims of trying to 'HELP' people and the U.S. economy are making me ill. You are trying to drum up business for yourself...period. That's ok, just don't put up this front of MR. HELPER. You are just posting generic info that is all over the web. It is what it is, you are using this site to get business and are trying to convince people that you are looking out for their best interests, when in fact, you are looking out for yours. Be honest Ken.
    • July 19 2013
    • 2Yes

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