If you owe more than your home is worth, there may just be something on the horizon that can help. We all know there is loan modifications, HARP refinances and internal bank programs that have been able to help homeowners that are upside down. Many of these programs are structured around people that are having difficulty paying their mortgage. BESIDES the HARP program, that basically is a program designed for homeowners that make their payments on time, have a reasonable overall debt ratio (Mortgage, liabilities...etc), and of course MUST BE BACKED BY FANNIE MAE & FREDDIE MAC. I have a strong feeling that that will CHANGE and I promised everyone that I would mention it when I felt it was time.
Many, many people have been wondering if there will be a program that can help our Non Fannie Mae & Freddie Mac clients. I have mentioned that if HARP 3 will come, I believe it would happen before the election. I have been preaching HARP 3 for quite some time and as a much needed program to help the struggling homeowners that owe more than their home is worth.
Bernanke has come out and spoken regarding the current position of our US Economy and federal reserve. The words that came out of his mouth "I want to do whatever it takes" stunned me! I didn't know what to expect as previous announcements have not always been positive or accurate. Now the only problem is that HARP 3 would be an extremely large scale purchase plan of assets, are they ready for that? That's the one thing that I have to step back and consider. This could be it! I've had gut feelings before and they usually come to fruition, as we get closer to QE3 (as long as it's not delayed) I will update our members with the news and of course if you have any questions please feel free to ask.