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Strategies & Market Trends : 2026 TeoTwawKi ... 2032 Darkest Interregnum

GLD 455.37

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Feb 6 4:00 PM EST

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To: Snowshoe who wrote (82102)	10/25/2011 2:39:10 PM
From: Ilaine	Read Replies (1) of 220075

A lot of bankruptcy lawyers who market to foreclosures are worried that business will dry up under the new HARP plan. I doubt it. In order to qualify you need to be current on your mortgage, and never late in the last 6 months. That's not going to apply to someone facing foreclosure. I do have one loan mod client who may qualify. I need to check if her mortgage is Fannie or Freddie. I think it probably is, it's plain vanilla, but the interest rate is pretty low already. What she really wants is HAMP, knock it down to 2%, stretch it out over 40 years, due to hardship (hurt her back, cut back in hours at work). What we've found is that HAMP mods and HARP refis are just ridiculously hard. The lenders don't hire enough workers, they don't train them well, the applications are constantly getting "lost."

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