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I heard new Federal program starting very soon

Posted on: 02nd Jan, 2012 08:58 pm
We are not behind in our mortgage, nor are we underwater. There is pretty good value in the house even above a poor market. Still, we need to modify this loan quickly.

Wells Fargo told me a new federal program that would help someone in our position was supposed to begin in Dec. She said it was delayed, and is likely to begin in January. Does anyone know anything about this?
Hi booker!

Welcome to forums!

Well... I haven't heard of any such program. I will suggest you to contact Wells Fargo once again and get to know more about the program. If you get any details, do share it in the community. It will help a lot of people who are facing similar situation.

Feel free to ask if you've further queries.

Sussane
Posted on: 02nd Jan, 2012 11:17 pm
its under the hud program, harp, home affordable refinance program. the guidllines have not been published, but here is a link to the hud harp site for the original program. you are referring to the harp 2, which is not yet released. under the previous programs, you had to show cause of hardship and negative property values. http://www.makinghomeaffordable.gov/programs/lower-rates/pages/harp.aspx
Posted on: 04th Jan, 2012 09:48 am
Can you explain?

Not upside down.
Not late.
Have equity.

Why do you need to modify?
Posted on: 04th Jan, 2012 11:33 am
Correct, they should just look for refinance...
Posted on: 04th Jan, 2012 11:35 am
or sell if they bought too much house.

regular refi might help since rates are so low
Posted on: 04th Jan, 2012 11:45 am
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