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Rating the president's new housing program

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    Hope for HARP?

  • Duration 3:46
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-- millions of American homeowners still under water with their mortgages in the original -- program being a complete washout.

The new -- -- program is being pumped up by the Obama administration.

But how successful can this new program be or is it just a lot of hot -- You're here to continue last week's analysis of the heart to program its Fox News legal analyst and real estate expert Bob messy morning -- Good morning good morning Steve OK so the president unveiled this less than a month ago.

Tell us in its -- if you will what does part two.

Aim to do.

It seems to refinance home homeowners.

Who were current on their payments who've not been late on a payment the last six months.

Or in the last twelve months and it's all Fannie and Freddie loans that's what it's designed for help those people -- -- Okay so those the guidelines now a lot of our viewers have questions about them and their specific so.

For instance the first -- if a homeowner wants to see if they can qualify for -- too.

Can they refinanced.

Assuming they meet the protocols if they have PMI.

Private mortgage insurance could question.

Absolutely he absolutely is considered a new loan and any lender that they may be dealing with Steve.

That says that because there's private mortgage insurance involved -- their existing alone.

And that they can't do -- they should walk away from that lender and go get a new lender because it's a new loan PMI has no barriers relates to harp too.

OK very good second question what if you have a second mortgage.

How does that affected -- if at all the second.

It does not it is second mortgages are not -- -- to specifically.

Only addresses first mortgages second mortgages basically stay in place so if -- refinance -- And if you -- the protocol.

Than the second just continues to go on you make the payments on the second.

And as a result of that could not be concerned about the second mortgage only the refinanced the first -- final question for today what -- I am unemployed and have no income can I still use harp too.

You can you could actually be unemployed as long as your payment.

Does not increase more than 20%.

From what it presently is that you actually do not have because there's no stated income on heart you have -- worry about that part of it.

If it goes over 20% then yes then the stated income becomes your income becomes more relevant issue as relates to the qualification for -- too.

You know Bob if they wanted to help people you would think that they would have come up with a program that would have been a little easier to understand to look at us we need a lawyer to figured out.

Well you know Steve honestly that the thing that the rhetoric that we're dealing with right now with an election year in reference to these things.

It's not that these tensions are bad but I know I hammer this home when I'm sure people get tired of hearing -- but I must say it again.

Until the actual issue.

The principal reduction in our country is dealt with that I had the lap for quicker than a -- at a time the other day Bank of America came out said.

Because of that 25 billion dollar settlement.

We're gonna we're gonna look at certain homeowners and -- to -- reduce them.

But here's the reason behind that Steve.

Because -- are assessed 350 million dollars in penalties and fines.

Because of illegal foreclosures.

The only reason Bank of America's gonna try to -- -- reduce some of the money that's coming it is because it's gonna help them out because they care being noble they help homeowners in America.

Well if you would like some help from the great Bob -- email us friends at foxnews.com and -- put -- Your email perhaps in an upcoming segment.

-- -- Las Vegas thank you very much for joining us today.

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