HARP 3 Update - Jan 2013 National Mortgage News

by Marcus John from New Jersey

HARP 3 Update: January 2013 National Mortgage News! Make a difference in underwater refinancing! Learn about and lend your support by signing this petition to extend the arbitrary HARP cutoff date and more. Yes, it's time for President Obama to reign in FHFA Director Edward DeMarco and make HARP a viable Making Home Affordable Refinance Program for underwater mortgages.


From Marcus John Originator of HARP Petition

Dear Kate Ford,

I wanted to let you know about a new petition I created on We the People, a new feature on WhiteHouse.gov, and ask for your support.

National Mortgage News: We the People HARP 3 Petition Update
The petition calls for the President to make a formal request to FHFA Director Edward DeMarco to extend or eliminate the HARP cutoff date and allow re-HARPing.

(Note from Kate, re-HARPing is using the HARP refinance program more than one time per property.)

I understand there was some legislation discussed in the last Congress to expand HARP. However, that legislation died without a vote.

Right now Washington doesn't appear to be giving HARP 3.0 a very high priority. Perhaps this petition can light a fire.

Will you please add your name to mine? Any help to spread the word on this effort would also be much appreciated. Once the petition gets 150 signatures it becomes publicly searchable which really helps these types of petitions to pick up steam.

If the petition gets 25,000 signatures by February 08, 2013, the White House will review it and respond!

Here's some more information about this petition:

Make a formal request to the FHFA to eliminate the securitization cut off date for HARP eligibility and allow re-HARPing

"Under the Home Affordable Refinance Program (HARP) The Director of The Federal Housing Finance Agency has authority to extend or eliminate the eligibility cutoff date. Currently the date is set as 5/31/09. Many responsible home owners are unable to take advantage of the program to reduce their mortgage rates because of this date. On 3/17/12 HARP was revamped (HARP 2.0) and home owners were given the power to shop for the best rates. However, those who previously refinanced under the original program are not eligible because of the the arbitrary cut off date and 1 time use limit set by FHFA Director Edward DeMarco. Eliminating the cutoff date and allowing home owners a 2nd chance to refinance under HARP 2.0 would help millions of Americans to save money on their monthly mortgage payment."
Best Regards,
Marcus John

Ask Kate: HARP 3 Update - Jan 2013 National Mortgage News

***zz-portrait-left.shtml*** Dear Marcus,

Thank you for bringing this HARP petition to my attention. I also want to spread the word.

As homeowners, now is the time to to let our voices be heard in Washington DC. Please continue to learn how.

If your mortgage exceeds your home's appraised value, hopefully you know about HARP 2.0, the Making Home Affordable Refinance Program.

Ask Kate's Mortgage News: Support Marcus John's HARP 3 Refinance Petition
But here's a major HARP issue. Its cut-off date of May 31, 2009 is blocking the eligibility of many homeowners even though their home loans are backed by Fannie Mae and Freddie Mac.

Many assume this arbitrary cut-off date means their real estate transactions needed to have closed by May 31, 2009. But it actually refers to the date that Fannie Mae or Freddie Mac securitized the loan.

This act can occur months after getting a mortgage, something homeowners have no control over.

The petition also addresses the fact that HARP is a one-time-only mortgage program. Once used, a homeowner can't participate again for the same property.

Arbitrary Rules of FHFA Director Ed DeMarco

By the way, you should know it is Federal Housing Finance Agency (FHFA) Director Ed DeMarco who dictates these arbitrary rules. (Whereas Congress has the authority over the expansion of the program and loan servicers' compliance.)

Because the President can fire the director and make a recess appointment to the post, it is crucial to make your voice heard.

The petition only takes a second of your time to sign. And remember, even if your home has still retained equity, you may be helping your mom, neighborhood, friends, and co-workers.
February 2013 Update: Unfortunately this petition, We the People, Your Voice in Our Government located at WhiteHouse.gov, expired without meeting the signature threshold. But don't let this stop you from making your voice heard. Write your elected officials in Washington DC to tell them you expect to see HARP 3 soon!
Yours in support of United States homeownership,



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HARP Refinance and HAMP Modification Time limitations
by: Ines L. from Excelsior, Minnesota

My husband and I tried to refinance (we are under water) with a lender and were told we do not qualify for either the HARP I or HARP II or the HAMP loan modification program because the last time we refinanced was in June 2009. Our current rate is 5.25 and we would like to refinance and get into either a 20 or 15 year loan with lower interest. Is there any mortgage plan out there that we would qualify for?

Hi Ines, Kate here...

Yes, to be eligible for the HARP loan, your current mortgage must have been backed by Fannie Mae or Freddie Mac on or before May 31, 2009. To be eligible for the HAMP loan modification, your last refinance must have closed on or before January 1, 2009.

These arbitrary dates are standing in the way of many homeowners, just like you, getting desperately needed affordable mortgage payments.

Go to the top of this page to see how you can be part of the HARP 3 Proposal to make refinancing available to more underwater homeowners.

Best wishes, Kate

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