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HARP and the unemployed

Started by tommy2tone
almost 15 years ago
Posts: 218
Member since: Sep 2011
Discussion about
I have a friend who owns an investment property who lost is job/s. She has always paid the mortgage on time since she has assets, but she has to fork out like an extra $500 per month. We are wondering if she qualifies for a HARP refinancingw hich would lower her costs to about breakeven. Will the unemployment be a factor? Is there anyway around this?
Response by generalogoun
almost 15 years ago
Posts: 329
Member since: Jan 2009

I don't understand why she has to pay extra every month for losing her job since, as you say, she hasn't been behind and she is paying with money from whatever assets she has outside her income. She could ask a HUD counselor, but to my knowledge investment properties are not covered by these government programs, only the primary residence.

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Response by tommy2tone
almost 15 years ago
Posts: 218
Member since: Sep 2011

No, collects like $1700 in rents but the PITI is $2300. so she wants to reduce her outlay

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