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I bought this particular car because I knew it would get heavy duty [...]
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Something to HARP On
by William Metzker on February 8, 2010
This is a post I’d usually write for The Mortgage Rescue Cafe, the website set up for people wondering about short sales, worried about foreclosure or had questions about loan modifications. But this is a story everyone needs to know.
HARP–the government’s Homes Affordable Refinance Program–was supposed to lend a hand to people who were in financial trouble, facing foreclosure and were seriously upside down, right? No investors, no second homes, no help for people who didn’t need it, right?
Think again.
In his Feb. 5 column for Inman News, a premier online news source for real estate and mortgage professionals, Steve Bergsman wrote about a letter and subsquent phone call he’d had from Wells Fargo. It seems as though Wells wanted to know if he wanted to refinance his New Hampshire condo through HARP.
Problem was, Bergsman wrote, his primary residence was Arizona. This area in NH hadn’t really lost much value, so he wasn’t upside down. Besides, he’d put 25% down. He so informed Wells, who told him he was nonetheless eligible to refi his investment condo because his loan was backed by Freddie Mac. Wells offered a refinance from 6.375% to 4.875%.
The numbers didn’t pan out and Bergsman didn’t take the offer. But next time you hear how “HARP helped 750,000 mortgage holders keep their homes,” or something to that effect, hold your nose.
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