Dave's Thoughts on HARP

Dave gives his take on the Home Affordable Refinance Program.

QUESTION: Ivy on Facebook wants to know what Dave thinks about the HARP program.

Dave's ANSWER: The HARP program (Home Affordable Refinance Program) is designed for people who are underwater on their homes, which means they owe more on their homes than the homes are worth but they have paid the bill on time. It is designed to allow them to refinance.

It is the only portion of the Making Home Affordable program by the Clinton administration that has actually worked. It's worked very well. It's a good program. If you are upside-down on your home, check in with Churchill Mortgage and they can help you get a refinance done.

The Home Loan Modification program was a colossal disaster and just political posturing. It was junk. It didn't work. About 93% of the people who tried to get a home loan modification didn't get one. It was the government acting like they were doing something and they weren't. But the HARP program became real.

That's when they put teeth into something and allowed Fannie Mae, on a conventional mortgage, to do a refinance, and that's a good thing. That has helped people. We are actually seeing those close, which is really what you're looking for in this situation.