98% of the posts thus far on makeharp3happen.com have been aimed at efforts to support expanding the HARP program. This post is going to be a little different. There are millions of people that stand to gain if HARP 3.0 is ever to be implemented. But according to FHFA estimates there are 2 million+ home owners that are currently eligible for HARP 2.0 that are not taking advantage. I’m assuming that at least a few of them find there way to this website. Why are these people not using the Home Affordable Refinance Program? There are a lot of theories on why that is, but this quote from an article in the Pittsburgh Post-Gazette offers a solid clue:
“Many underwater HARP-eligible homeowners have been turned down before, and now they assume they can’t get help,” said Jim Svinth, chief economist for LoanDepot.com.
Timing is everything. Diane, one of the regular commenters on this website, can attest to that. She has been coming to makeharp3happen.com since it’s inception. She learned of a minor eligibility date change to the program made last Fall that changed her HARP eligibility. That change helped very few people. But that isn’t the point. The point is that the real estate market is changing everyday. What you were told previously, or what you thought about eligibility to refinance may no longer be applicable. It doesn’t hurt to try again. My suggestion to any underwater homeowner would be to talk to a mortgage professional at least once a year to find out where you now stand. Maybe like Diane you’ll find out that you now have options.