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Obama Refinance Plan

Obama Refinance Plan
Bills.com Team
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4.5
/5.0
(48 Votes)
4.5
/5.0
(48 Votes)

68 Comments

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  • AO
    Feb, 2013
    Anna
    Finally!!!! I am a real estate appraiser and have been in the business for over 10 years. I, too, bought my house at the peak of the market and we are now underwater in our mortgage. We have faithfully paid our mortgage on time for 7 years, even though it went up $300 per month. I cannot tell you how important it is, not just for my family's sake, but for many many others for this bill to go into place. How can we petition congress to act? Are there already petitions available thru Facebook, email, or twitter that we can start circulating????? Please let me know!!!
    0 Votes

    • BA
      Feb, 2013
      Bill
      A first place to start is to contact your federal representatives, your congressperson and senators. Let them know what you want them to do.

      The White House Web site has an area where you can show your support for President Obama's #myrefi proposal.
      0 Votes

    • PM
      Feb, 2013
      Patrick
      This obviously has no chance to pass. When Obama mentioned it during his state of the union speech not one Republican rose to their feet while the Democrats were all in favor. I e-mailed every Republican congressman regarding this act and no one responded. Our government is responsible for the banking mess, yet they won't help the people they hurt.
      0 Votes

  • PM
    Dec, 2012
    Patrick
    It sounds like the financial cliff proposal Obama is trying to get signed off on includes a 50 billion stimulus that has a significant refinancing package in it. Has anyone heard anything about this? Also I was told by my mortgage lender any package introduced will not cover jumbo loans. I have followed this closely and I have not seen any evidence of that. The harp 3 is suppose to cover FHA loan amounts which are upto 750k. Anyone know anything about this also. I need something to happen soon, our lender told us we need to bring 125k to the table to refinance.
    0 Votes

    • BA
      Dec, 2012
      Bill
      Patrick, there are lots of rumors as to what may happen, but I have not seen a specific refinancing package proposal that is tied to the fiscal cliff negotiations. There are various proposals such as the Boxer-Menendez Bill that may make the HARP 2 mortgage available to more borrowers.

      The HARP 2 program allows a borrower up to the conforming loan limits. The new regulations allow for the limits to be set based on the time the loan was originated. This includes the higher limits set for the High Cost Areas during the period between 7/1/2007 and 9/30/2001. Check with your lender to see if your loan qualifies for the HARP 2 mortgage program and if you qualify for a larger sum.
      0 Votes

  • AS
    Nov, 2012
    Amber
    Any update to this since Obama was re elected? I have a 30 yr conventional at 6 %. Never been late or behind but, I am not backed by Fannie or Freddie. I am 80K underwater. I have perfect credit but can't get a refi. Suntrust won't modify me because I have never been late and haven't lost any income. I can rent a house for cheaper than what I am paying. I can't take any equity out to do repairs. I really hope this HARP 3.0 will pass. I feel like just walking away from my home!!!!!!!!
    0 Votes

    • BA
      Nov, 2012
      Bill
      There is nothing new, yet, regarding HARP 3.0. Your best bet is to keep your eyes on the news, to see what develops, and to continue making your mortgage payment on time (as any program that is released will likely require a solid mortgage payment history).

      It could be worth considering a strategic default, if your current loan is a non-recourse loan and the damage to your credit would be worth taking in exchange for getting out from underneath the underwater property. If your state's anti-deficiency laws permit the lender to come after you for a deficienct balance, a strategic default is far less attractive an option.
      0 Votes

    • AS
      Nov, 2012
      Amber
      I live in Georgia. Am I in a non-recourse state? What is a strategic default? Is it better to do a deed-in-lieu? Is that less damaging to your credit?
      0 Votes

    • BA
      Nov, 2012
      Bill
      I have five reading assignments for you that will answer your questions:

      Please ask any follow-up questions you may have on the most appropriate page.

      0 Votes

  • PM
    Nov, 2012
    Patrick
    Any word on what might be happening with the new refinance legislation now the election is over? We have tried for a year now with Bank of America to refinance under the mortgage settlement act. They might be the most awful company to deal with in the known universe.
    1 Votes

    • BA
      Nov, 2012
      Bill
      No news, so far. It appears that the initial focus, post-election, is going to be on the fiscal cliff. However, you should keep your eyes on the news. Also, continue to check back at Bills.com, as we will certainly report on any expansion in the mortgage loan programs.
      0 Votes

  • PM
    Sep, 2012
    Patrick
    Any talk of this third stimulus that was enacted today of helping out the underwater homeowners?
    0 Votes

    • BA
      Sep, 2012
      Bill
      The main point seems to be that the stimulus is a further attempt by the Fed to bolster the US economy. The third stimulus aims to lower interest rates, encourage spending and investment. The hope is that lower mortgage rates may increase the value of homes and increase refinancing.

      The stimulus plan has no direct impact on underwater borrowers. Indirectly, if the economy improves and home prices rise, then people with an underwater equity position will see their situation also improve and have increased opportunities to refinance.

      Separately, there may be additional legislation that is aimed at borrowers whose mortgages are not backed by Fannie Mae, Freddie Mac, the FHA, or the VA.
      2 Votes