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View Diary: Want to hear some GOOD news here about Obama's success in mortgage financing for once? (28 comments)

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  •  And, I will note (4+ / 0-)
    Recommended by:
    viral, elwior, codairem, Woody

    HARP doesn't help those who are in most need of help: those who have fallen behind -- even by a single payment -- in their mortgage obligation.

    To be eligible, HARP applicants must have loans owned or guaranteed by Freddie Mac or Fannie Mae, have less than 20% equity and be current on payments.
    •  They have other programs to help those who are (1+ / 0-)
      Recommended by:
      Woody

      behind in their payments, people whose homes is worth less than they owe, people who had harp but defaulted and more. The lack of programs is not the problem
      Through the site they have contact for a free counselor to help you know what programs you qualify for (toll free, 24/7, dozens of languages). They help you apply, help with forms etc.
      Also a walk through that shows which programs to look into...

      They have the  programs, they don't have the banks that cooperate, no mandate was put in that if a person qualifies they get it. There is no good or clear complaint process
      Banks often profit more by foreclosing and that is legal.

      There probably are so many more that could qualify if they only knew...and some more recent settlements have made banks a touch more cooperative. Also many mortgages are no longer covered in a credit default package where everyone but homeowner could profit with a default...

      But oh so many faced horror stories going through application process and getting screwed over. timmy g oversaw the formation of this and he was determined the banks not lose a dime..

      These depended on the niceness of big banks. Oh that's reliable. It could have been magnificent, made a huge impact.

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