Posted on Dec 2, 2011 in Roseville and Sacramento Short Sale FAQs

Hi, this is Mark Peek at Keller Williams Real Estate, your short sale specialist in the Roseville and Sacramento area. I am here provide you with information regarding short selling your home should you happen to be in a difficult financial situation.

Today I wanted to talk to you about some of the modifications that have been made to the Home Affordable Refinance Program (HARP). The treasury department has gone back and looked at the success rate of this program and the impact it’s had on homeowners today and decided to make some revisions. The program is over two years old at this point; out of the 5 million people they were targeting for this program, it’s been less than 10% effective for those that are in distress and need to refinance their homes at a lower rate.

You may wonder if the changes they’ve made are going to positively impact the program and increase the success rate. One of the revisions they are discussing is to refinance up to 125% loan value. One of the problems with this is that there has to be an investor that is willing to take a loan like this. There are very few investors out there that are willing to do this, and if they are, they are going to price risk into the rate that you get. They are going to do this by increasing your interest rate. I feel that, unfortunately, this program is going to be a failure like the programs before it. The intentions of this program were meant to be good, but there are very few people out there that are willing to take an investment that is already underwater.

If you have any specific questions about your situation, or what your options are, please check out my website further or give me a call. I can help you avoid foreclosure and failing programs such as the HARP program by short selling your home.

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