Obama's HARP: "The Mother of all No Doc Loans" Says John Capp of Sunstreet Mortgage

By
Mortgage and Lending with SUNSTREET MORTGAGE, LLC (BK-0907366, NMLS 145171) NMLS 223495

"It's the Mother of all No Doc Loans," says John Capp, one of Sunstreet Mortgage LLC's principals. 

In this interview on this evening's KOLD News, Capp talks about the proposed new HARP (Home Affordable Refinance Program) rules proposed by President Obama.  Click the link and take a listen.

CAUTION:  Just because the government says it's okay doesn't mean that the banks will go along...

That said, if the banks go along with this, you just may be one of the million homeowners that this could help.

That's a BIG if...

 

_____________________

I'm Mike in Tucson, your preferred Tucson Arizona Mortgage Lender

NMLS #223495

SUNSTREET MORTGAGE LLC ~ Correspondent Mortgage Bank
Offices in Mesa, Tucson, Sierra Vista & Nogales

Comments (8)

Tim Lorenz
TIM LORENZ - Elite Home Sales Team - Mission Viejo, CA
949 874-2247

This is not new nor has it worked before.  Why would we believe it will now?

Oct 25, 2011 07:26 PM
Gabrielle Kamahele Rhind
KGC Properties LLC, Tucson Property Management & Real Estate - Tucson, AZ
Broker/Owner

GOOD MORNING MIKE!  Been getting a lot of calls about this!

Oct 26, 2011 01:26 AM
David Karp
Peachtree Realty Group, LLC - Woodstock, GA
Woodstock, Marietta GA Real Estate

Anxious to see how this plays out.

Oct 26, 2011 02:53 AM
Lou Ludwig
Ludwig & Associates - Boca Raton, FL
Designations Earned CRB, CRS, CIPS, GRI, SRES, TRC

Mike

The feed back on this program has not been good and normally when it pushed hard there's an problem.

Good luck and success.

Lou Ludwig

Oct 26, 2011 04:15 AM
Mike Jones
SUNSTREET MORTGAGE, LLC (BK-0907366, NMLS 145171) - Tucson, AZ
Mike Jones NMLS 223495

Lou,

The problem has been that the Banks won't go along with the program as set forth by the administration.

David,

We'll find out on November 15th.

Gabrielle,

Me too.  Nothing is cast in stone yet, and the banks will have to agree in order for it to work.

Tim,

Everyone talks a good game.  We'll see what actually happens.

Mike in Tucson

Oct 26, 2011 04:36 AM
Michael Rohde
Sunstreet Mortgage LLC. Licensed Mortgage Professional - Tucson, AZ

Hi Mike, really nice post. This is great information and like any new program or expansion of a current program this can work if the big boys play ball. I am thinking like Capper said that it's likely that there were some meetings with the big banks to get some help in accepting some of this pill ahead of the announcement otherwise it's going to be one more egg on the face of the administration.

Oct 26, 2011 04:46 AM
Ann Heitland
Retired from RE/MAX Peak Properties - Flagstaff, AZ
Retired from Flagstaff Real Estate Sales

As I understand it, the incentive for the banks is that they are going to be relieved of some of the puts that are in place from Fannie Mae and Freddie.

Oct 26, 2011 01:17 PM
Marge Piwowarski
Phoenix AZ Horse Property - Phoenix, AZ
Phoenix AZ Horse Property, LLC

I am sure there is a trade off somewhere involving the banks.  Time will tell.

Oct 30, 2011 03:50 PM

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