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THE HARP 2.0 CHALLENGES, SOME OLD/NEW ISSUES
HOW TO SELL MY HOUSE IN THIS MARKET
 
Whether you're a consumer, lender, real estate agent or another type of real estate professional, having clarifications on HARP is important. Here's a good place to start:
“The Harp 2.0 Challenges, Some Old/New Issues”
 

 
We started getting prepared for doing HARP 2 loans a couple of months ago. Information started coming out a little at a time. Everything was to go live on March 17th, which meant all of the guidelines would be in place by then. Not so much.
One of the issues, many of the loans that are upside down, have mortgage insurance.  This is a problem twofold, first not all lenders use the mortgage insurance companies and second no homeowner knows what mortgage insurance company insures their loan.
So, once we have taken a mortgage application and run a file through automated underwriting, it will tell, which mortgage insurance company has insured this particular mortgage.
Once we know which insurance company, we now need to find a lender that uses this company. As you can already imagine, this may create a bunch of issues:
 1) we have to disclose a lender and rates at the time of the ... more

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