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Dutchess_III's avatar

What is HARP? And is it a good tool? Or is it a scam?

Asked by Dutchess_III (39105points) March 14th, 2018

HARP. Educate me please.

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9 Answers

gorillapaws's avatar

What are you talking about? Please make your question more clear with a better description possibly linking to articles or something to give a point of reference or context.

Dutchess_III's avatar

Done. I was hoping for answers from someone who has looked further into it. It’s some sort of government refinancing thing for your home.

Tropical_Willie's avatar

It was set-up for persons “underwater” (their home has a market value less than the mortgage balance). It allows you to re-finance with less paperwork than other re-finance instruments.

elbanditoroso's avatar

Not a scam. I used HARP in 2008 when I was underwater; it was great. Saved a bundle on my refi.

Whether it makes sense NOW – that’s another question, and one that’s based on your specific situation.

Dutchess_III's avatar

We aren’t underwater on our house. We only owe $38,000 and it’s worth about $80. I just want to get it paid off!! NOW!!!!

Tropical_Willie's avatar

Double up on payments; if your mortgage is due on the 12th then pay on the 12th full mortgage amount and on the 26th full mortgage amount.

Pinguidchance's avatar

@Dutchess_III “What is HARP? And is it a good tool? Or is it a scam?”

Does the US Government run scams?

If the refinancing is cheaper overall then switch and continue to pay the higher current repayments if you wish to pay the loan off earlier.

Tropical_Willie's avatar

@Pinguidchance I think the first requirement is that the owners are “underwater”.

Dutchess_III's avatar

Right @Tropical_Willie. And we aren’t underwater.

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