Posted by ME/NJ on 8/10/12 7:12pm
Msg #430064

Hope the HARP program goes on

For last two months I have to say 70% of the deals done are HARP. It helps a little for upside people not much when all said and done.

Reply by PegiT_MN on 8/10/12 11:00pm
Msg #430082

Glad to see you are getting alot of business from the HARP program Michael. I remember a certain thread I started earlier this year (408956 to be exact) when you had a different opinion. I am not sure about the housing industry in New Jersey, but here in Minnesota we saw a record number of foreclosures, a drastic decline in home values, and many people just walking away from their homes making the housing values decline even more. It was an epidemic here. The HARP program has enabled homeowners in my area to refinance into a lower rate and it has encouraged people to stay in their homes and ride it out so to speak. I have been closing these types of loans for almost three years and they are saying that Minnesota may have finally reached it's bottom and we are slowly starting to see things get better. I hope the HARP program will do the same in other areas acros the country.....and I know that as long as these loans are going on......we are going to continue to see a lot of business.

Reply by ME/NJ on 8/11/12 9:09am
Msg #430102

I don't like this program and in the long term it only saves people 100-200/ month and they start back from scratch and are still upside down. Borrowers cost can range from min- to 3-4K settlement cost. Prices of homes are still heading down and this program is just a delay to what will happen to most in long run ( to me new form of pred loans )

Last week couple bought a townhome for 280K and now it's worth 140K, new loan for 280K lowered interest rate 2 points. Plus add values are still dropping in my area as foreclosures are still at all time high.