Just this morning new, and in fact quite positive, changes to HARP were announced. Up until now I've allowed myself only cautious optimism about the extension of HARP, but I really think this initiative could now be headed in the right direction.
Among other things, the possibility that unemployed and underemployed borrowers may be struggling, is finally being addressed with more flexible debt to income criteria. In addition, eligibility could be extended to investor-owned rental properties.
How does this help me you ask? If you are one of the lucky ones who need not consider taking advantage of HARP, there could still be an enormous up-side for you. Your neighbors may have an option other than short sale or foreclosure which would go a long way toward leaving your property values intact.
One small note of caution, the renewed HARP program has not taken effect yet and we can never be certain of what is included until it does. However, I’ve had that 1960’s Beatles song “Getting Better All the Time” running through my head all morning.
Feel free to let me know what you're thinking! But if you leave a comment anonymously please be sure and check back for a reply.
Awesome Blog Tom!! Thank you so much for providing great information! It has been challenging to get a break for homeowners to save their house from Short Sale or even Foreclosure. This new standard stands to help a lot of people. I hope it is enough of a change to make a real difference for homeowners in need!!
ReplyDeleteI agree Marci. If done right this could give a huge boost to the real estate market by stabilizing prices and making potential sellers more comfortable.
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