I must have received a zillion calls and emails around the HARP announcement made by President OBama in Las Vegas this past week. We'll be talking about it on my radio show tomorrow on KFIV 1360 AM, Modesto Ca. Listen in at 10 AM.
As you all know, most of Stockton, Ca and Merced, Ca,well, literally 90% of our beloved Central Valley is underwater on value. Wouldn't it be wonderful if this HARP program made it possible for most of our neighbors and family to keep their homes? Absolutely!!
I don't have all of the info yet, but here are the criteria:
1. cannot have missed a payment in 6 months and must be current now
2. your loan must be Fannie Mae or Freddie Mac
3.there is no ceiling on how upside down you are
4. limited qualification to be accepted but no criteria yet on what that means
5. no principle reductions
6.reduces interest rates to new low
WHAT WE DON'T KNOW YET:
1. will it help if you have multiple loans on the property
2. do you have to be employed
3. is there a limit on price or value or can it help everyone
4. will all Fannie and Freddie lenders participate
Stay turned and posted for further info.
