We are certainly hoping so! Too many home owners have felt left out by the recent cut-off date that Fannie Mae and Freddie Mac have imposed to when the loan was securitized. Currently under the HARP 2.0, also known as the Home Affordable Refinance Program, the home owner’s mortgage needs to have securitized by Fannie Mae or Freddie Mac prior to June 1, 2009. However, home owners have no control over when their mortgage was securitized. (Please note, this is not when the loan closed. Often times, this occurs several weeks or even months after the loan has closed)
With the proposed HARP 3.0, the securitization date that is currently in place with HARP 2.0 would be removed.
HARP 3.0 would also be able to help out many home owners who have Conventional Loans that are not currently securitized by Fannie Mae or Freddie Mac. Also, for those homeowners who had recently refinanced under the original Home Affordable Refinance Program (HARP), they are currently not eligible to take advantage of the current program. Eliminating this cutoff date and allowing home owners a 2nd chance to refinance under HARP 2.0 would help millions more of Americans to save money on their monthly house payment.
A recent petition has been created that is circulating through social media that is asking the Obama administration to change the guidelines that are associated with the HARP program.
For more information on the HARP loan (Home Affordable Refinance Program) please click here
To sign the petition, please go here http://1.usa.gov/YchGKi