Why the Senate is Wasting Time on HARP - Short Sale Fundamentals

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27
Apr

Why the Senate is Wasting Time on HARP

underwater home equity and principal reductionThe Senate has begun yet another round of fun-filled meetings to try and make HARP actually work for someone. Now they all admit that the reason the program has tanked so badly is because there’s no real reason for banks to work hard on it. Basically the banks have plenty of experience gaming the system and they don’t care one bit for government incentives. But unfortunately they’re still headed in the wrong direction.

Expert after “expert” has been testifying that some things would make the program work better:

- letting a new servicer compete for the refinancing or loan mod

- letting non-Freddie or Fannie backed mortgages be eligible

- dropping the loan-to-value requirements for qualifying

Now I understand that the government would be interested in changing the rules of a publicly embarassing program to try to improve things but it doesn’t seem to me that any of these suggestions addresses the real issue. In a nutshell:

If it’s not worth it for a bank to particpate in the program, then what good will it do to allow more banks in? Now you’ve just got more banks who are eligible but don’t want in.

And make more loans eligible? I believe those loans would be known as the “riskier” loans which could set the whole recovery back if they default again.

So what’s this really going to accomplish? How is this going to finally convince banks to make a solid effort at renegotiating bad loans? I’m pretty sure it won’t, but let me know what you think.

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  • Oversoght401

    change the tax code and if a company forecloses on a loan without showing  good faith effort on saving at least part of the loan they have to pay tax on the loan as if paid in full. This would cost the government no money and forces good behavior.

  • Marie

    Make the Banks re-age the loans on a longer term to lower monthly payments since they do not want to lower the principal according to current market value, and also lower the interest down to the interest they are paying their CD customers or one percent more above that. Make the bnks respond to Realtors in the short sale transaction in less than 30 days. They are not responding. I have files older than 6 months on short sales and they won’t approve any offers we sent, even those above current market value. They much rather foreclose. I have files to prove it, I am a licensed CA real estate person. Banks must be audited on this kind of behavior, it must stop. President Obama can make them stop ignoring Realtors, but why doesn’t he??????

  • Ed Fulmer “THE LOAN MOD GUY”

    I just got ANOTHER Client of mine a $34,448 PRINCIPAL REDUCTION and thats the 3rd one in a month…SCREW That HAMP and MHA Garbage Loan Mod  garbage  …its always been and always will be the biggest FLOP there ever was …… 

    I have My Self Done  so far over 150 Loan Mods over the past 4 PLUS Years and I have ONLY  got 15 people APPROVED for the  HAMP and MHA Garbage and YOU KNOW What I DID on ALL 15 of the APPROVED HAMP or MHA i got for my client ???….. All 15 of them I Denied them on behalf of My clients cause there Mortgage Payment only got reduced by less then $80 Bucks on EACH one…so I denied and went back in and got their Mortgage Payments CUT in HALF or very close to it…

    And lately I also done 3 Principal Reductions over past month for an average of $30K per deal…I am the BEST there is …

    There is JUST FLAT out NO ONE in the Country that can do what I do with EVERY Lender out there and Get what I get when I do a Loan Mod for the VERY FEW Select Few that I take on under my EXCLUSIVE 3 to 5 ONLY NEW Client that I take on every 30 to 45 days :) :)  

    I keep it small and intimate..like I am working EXCLUSIVELY just on their File only…And thats why I have a 100% Success Ratio doing over 150 Loan Mods over the PAST 4 YEARS plus…I Don’t just except Any loan mod , NO I go back in with persistence until I get my Clients what I WANT to get them..

    What I Do get ALL My Loan Modification Clients is …..Payments CUT in HALF or close to it ,  and PRINCIPAL  REDUCTIONS lately :) :) :)  

    And NOW if u hurry and SIGN WITH ME  , I will be getting a Bunch of “PRINCIPAL REDUCTIONS” or “PRINCIPAL FORBEARANCE/DEFERMENT” for Any and ALL Clients… I am ALSo GIVING Away $100 Bucks for ANYONE that you Refer Me…If I take them on as a client , U get paid ur $100 bucks right up front :) :) :) …I will be avail to talk anytime u like ..Call my Cellular Phone 7 days a week from 11am to 11pm Eastern Time :) :) I am ALWAYS Avail to take care of client 7 days a week , 

    And they can call me ANYTIME they want …I answer my own phone..I Work from the comfort of My Home Office doing these Loan Mod over past 4 Years…No One BUT Me will ever touch the clients file ..Thats MY Motto and Policy as well……

    I LOVE Doing this Business and believe me I don’t make any money to scream about at all , I get by Month to Month like my clients do…BUT I STILL LOVE Doing Loan Mods and BEATING THE BANKS….call Me Ed Fulmer “THE LOAN MOD GUY” 561-667-3126https://www.facebook.com/notes/ed-fulmer/referral-fee-of-10000-bucks-to-help-save-families-homes-from-foreclosure-with-gu/168820089857893



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