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Debt Relief – Insolvency – Bankruptcy Information » Mortgage Refinancing » Are you looking forward to Obama’s new Home Refinancing Program?

Are you looking forward to Obama’s new Home Refinancing Program?

I bought at the height of the housing market and with 100 percent financing but with a fixed rate. I have kept my credit in good standing through the housing crash and I want to continue to keep my home.

However, I am unable to take advantage of the current record low interest rates because I am underwater with my house. I didn’t meet the requirements for HARP and that may have been a blessing in disguise after hearing and reading about the new program. When and if the banks put Obama’s new program to work I certainly look forward to a refinance option and most importantly, a potential savings of 2 to 3 hundred dollars every month. That is a lot of money when my month to month bottom line is virtually non-existent.

Anyone else looking forward to this? Opinions on it?
Thank you for your reply’s

The new program does not eliminate any of the balance on a mortgage. The total will still have to be paid so Tax Payer’s, which by the way I am one, will not be on the hook for any part of my mortgage. Only people who have kept up with their payments will qualify. Looking at it from the other side as you say, I believe it is in the banks favor to work with me to keep me in the house considering the loses banks are taking with the current housing market trend. The bank could make more money off mortgages with the new program if home owners refi to a new 30 year loan and carry it to the end even with a lower interest rate.

The reason I did not qualify for the HARP even though my mortgage is backed by Fannie Mae, by the time it was available through my bank my home’s value had fell far enough already to put me out of the 125% range.

I’m not going anywhere, I’m going to pay for my house at my current interest rate or a lower one, one way or the other unles
unless unforeseen circumstances prevent me from doing so. The way I see, I did sign on the bottom line and I am responsible for paying it off AND I want to. Not looking for a hand out just hoping for a better interest rate. What’s wrong for hoping for that? Nothing I can think of.

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2 Responses to "Are you looking forward to Obama’s new Home Refinancing Program?"

  1. Judy says:
    Sorry, but no I’m not. Look at it from the other side for a minute. Why should I and the other taxpayers help pay for a house you bought that you can’t afford? I paid off every cent of the mortgage I had (8%), and we had rented until we had saved the 20% for a down payment.

    I’m sorry you got involved in this housing mess. And I’d guess you were mislead by people telling you what a good deal you were getting, who sounded like they knew what they were talking about. But buying with 100% financing?

    And think about it – if there had been no housing crash, your payment would still have been what it was. OK, rates are low now. But how much of that is directly and indirectly because there was a housing crash.

    But good luck anyway.

  2. Robbie says:
    I am curious as to why you wouldn’t have met the HARP requirements and what is wrong with the HARP Program? It sounds like it would have been perfect for you. Maybe your current loan is not through Fannie or Freddie Mac? I just locked in on a HARP loan for my house and am looking forward to the $400 savings per month.

    There are other programs including FHA loans, but you have to pay some Mortgage Premium usually to get them.

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