Russ Phelps

Russ Phelps Review

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Published: 22 September 2019

Posted by: Anonymously

We hired Russ to write copy for our website. Here’s what he submitted to us: Copy Russ Phelps Submitted as original Plagerized Copy When homeowners visit the Loanatik official website, many are shocked to discover a little-known US Government program called HARP (Home Affordable Refinance Plan). It seems the government is eager to rescue homeowners who are facing foreclosure, or who are “under water” (living in homes which are worth less than what they owe.) Many homeowners can refinance no matter how far their home value has dropped. HARP is aimed at letting homeowners prepay their current mortgage and refinance into a lower-rate loan. If a homeowner’s mortgage was purchased by Fannie Mae or Freddie Mac before a certain date and the owner is current on the mortgage, the borrower can apply for a new loan at the lower prevailing rate. The program was designed to help homeowners who were the worst hit by the collapse in home values save on their monthly mortgage payments and take advantage of low rates. The government stepped in with HARP, because banks typically won’t refinance underwater owners. From a 2012 article in the Daily Beast by Matthew Zeitlin: http://www.thedailybeast.com/articles/2012/10/04/ new-data-shows-harp-mortgage-refinance-programis-finally-working.html Another component of the administration’s housing policy was HARP, the Home Affordable Refinance Program. HARP was aimed at letting homeowners who are underwater—living in homes that are less valuable than the outstanding mortgage—prepay their current mortgage and refinance into a lowerrate loan. If a homeowner’s mortgage was purchased by Fannie Mae or Freddie Mac before a certain date and the owner remained current on the mortgage, the idea was that the borrower could get a new loan at the lower prevailing rate. The program was designed to help homeowners who were the worst hit by the collapse in home values save on their monthly mortgage payments and take advantage of low rates. A government program was necessary, because banks typically won’t refinance underwater owners. And as a result, the record-low mortgage rates weren’t trickling down to struggling homeowners.

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