What is this Guy Thinking ?

Mortgage and Lending with Indy Mortgage

H.A.R.P. was put into law last year by our President Obama.  It was placed into law so that people could Refinance there mortgage up to 125% of the current value of there home.  Our President told us that this would allow people to refinance there mortgage that was underwater due to the value.

However, here is the problem.  People are doing the following:

1.  Some are first trying to do Loan Modification thru their lender only to find it will not work.

2.  When they can not get a Loan Modification the they are trying to sale their property thru a Short Sale.

3.  When they discover they cannot get a  buyer or the bank will not agree to the Short Sale, then they are allowing the house to go into a Foreclosure.

4.  The last thing they are trying to use is H.A.R.P.  Only 20,0000 people have used any of the Governments programs and Obama sold the country on that all these programs would help 4 to 5 million people keep their homes.  (It is not working)

Now.......Guess What......Obama wants to pass H.A.M.P.  This will Freeze all Foreclosures by banks for 4 - 6 months.  That means that the people not paying their mortgage payments can live there FREE for another 6 months.

I heard the other day that Obama is a smoker.  The question is WHAT IS THIS GUY SMOKING ?

Why should all  of us keep paying our mortgages when our President wants to let all of these people, that should not be in their homes, to live there FREE ?  As a taxpayer we are paying for all of this.

Posted by

Ken Blaudow


Comments (1)

Robert Rauf
HomeBridge Financial Services (NJ) - Toms River, NJ

The HARP program is actually one of the good programs out there. It is the only program that helps the good guy. If you purchased a home in 2005 at the peak of the market and lost all of your equity through no fault of your own, are current on your payments and can qualify, you would be able to refi with the harp program, Not to pull cash out, but to put your self in a better financial position and take advantage of todays low rates.  Harp is a good thing, the rest of it is crap

Mar 10, 2010 04:28 AM