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WHY AREN'T MORE HARP LOANS CLOSING?
“Why Aren’t More HARP Loans Closing?” The HARP program isn’t asking the lender to take a principal reduction, just an interest rate reduction. The majority of these homeowners have paid their mortgage on time, but their real estate values dropped. These homeowners didn’t cause the values of their homes to drop and they want to continue owning the properties. Why make this refinance process as difficult as it is? If these folks obtain an interest rate that drops, they have more dollars to spend every month, that will help the overall economy. Right now, I am getting 7 out of 10 transactions closed. I am being told by the lenders that that is a great ratio. Why is that a great ratio? Let’s make the process easier for these homeowners.   HARP Means Savings, Less Debt for Homeowners: Freddie Mac By: Ryan Schuette 05/11/2012 More homeowners continue to reap benefits from the newly modified Home Affordable Refinance Program (HARP), with 79 percent of homeowners with government-backed mortgages either keeping the same level of mortgage debt as before or reducing it over the first quarter.
Of those homeowners, Freddie Mac found recently, 79 percent held onto the same level of debt for ... more

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