Will HARP 3.0 Pass In 2014? A New Guide From LoanLove.com Discusses The Possibility

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SAN DIEGO, March 4, 2014 /PRNewswire-iReach/ -- LoanLove.com is a borrower advice website that provides up to date and in depth information in a format that is valuable to the most experienced home owners while still being accessible to those who are just starting out with applying for their first home purchase loan. The website, which has quickly become a trusted destination for current news and expert loan advice, empowers homeowners with first class knowledge, valuable resources, and connections to top rated industry professionals. A recent article from the loan advice website takes a look at the proposed new HARP update and gives some information that might help answer the question, "Will HARP 3.0 pass in 2014?"

Loan Love explains, in the article titled "Will Harp 3.0 Legislation Pass In 2014? (Millions Anxiously Await)", "Home values have continued to rise, but there are still millions of homeowners unable to refinance because their properties lost too much value during the housing market meltdown of a few years ago. If you are one of those millions, help could be available to you through one of the best-kept secrets among government housing programs: the Home Affordable Refinance Program (HARP). If you haven't heard of HARP, you aren't alone."

The article explains that the current version of the program, HARP 2.0, has already helped millions of homeowners to refinance to affordable and more stable home loan situations and avoid foreclosing on their houses. Loan Love says, "HARP and other mortgage modification programs were first introduced in 2009, but the help they provided was extremely limited. An analysis in early 2011 found 54.3 percent of an estimated 1,426,833 proposed mortgage modifications ended up failing in the end. Despite assistance, more than half fell back into foreclosure. Help had arrived with the introduction of HARP 2.0 in March 2012. The new version was launched after major reconfigurations by the White House and federal regulators driven by Fannie Mae and Freddie Mac. The program emerged vastly improved, though still lacking on some fronts."

These issues would hopefully be cleared up by a new iteration of the program – HARP 3.0. However, while changes have been proposed, no action has yet been taken to put update the HARP program. The HARP 3.0 guide says,

"With the changing of the guard at the Federal Housing Finance Agency, there had been renewed hope that there will be a stronger push for some type of HARP 3.0 in 2014. The new director, Mel Watt, was expected to be more aggressive in pursuing HARP 3.0 program proposals. However, in remarks made January 22, Michael Stegman, the top housing policy advisor at the Treasury Department, said his Department believed there should be no change in the HARP eligibility date. While FHFA Director Watt has not made public any plans regarding changes he might make to HARP, it is likely he will not break from the partisan position stated by Stegman. That means any tweaks to the program are not likely to involve Congress and hope for substantial changes is beginning to fade."

For more information on the current HARP 2.0 program and the proposed changes that would make 3.0 if approved, please click here to read the full article on LoanLove.com.

Media Contact: Kevin Blue, LoanLove.com, 949-292-8401, contact@loanlove.com

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