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Is it legal when you get a Harp Loan that the financial

Customer Question
Is it legal when...

Is it legal when you get a Harp Loan that the financial company adds the amount that you are "under water" to the balance of your new loan?

Accountant's Assistant: Where is the property located?

In Columbus, Ohio

Accountant's Assistant: Has any paperwork been filed?

Yes and was granted about 3 years ago, we owed about $125,000 and when the new loan went through we owed about $153,000.

Accountant's Assistant: Anything else you want the lawyer to know before I connect you?

They lowered our interest to 3.75 percent but for 30 years

Submitted: 5 months ago.Category: Tax
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Answered in 2 minutes by:
11/18/2017
Tax Professional: Lane, JD, CFP, MBA, CRPS replied 5 months ago
Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 14,020
Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
Verified

Hi. My name's Lane -

I hold a law degree (J.D.), with concentration in Tax Law, Estate law & Corporate law, an MBA in finance, a BBA, and CFP & CRPS (Chartered Retirement Plans Specialist) designations, as well - I’ve been providing financial, Social Security/Medicare, estate, corporate, non-profit, and tax advice 1986.

If you’ll please bear with me for a minute I’ll type up my initial response, and then we can go from there if you have further questions on this.

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Tax Professional: Lane, JD, CFP, MBA, CRPS replied 5 months ago

The PRIMARY objective of HARP, is to enables borrowers with little or no equity to refinance into more affordable mortgages without new or additional mortgage insurance.

...

And the modifications that can be made are many, adding interest and missed payments to the back of the loan, lowering interest rate changing the term ... almost always to make things affordable.

...

It WOULD be possible to owe more becasue they lowered thy payment to much that some of the interest is capitalized and added to the loan amount, including amount owed at the time of the re-finance.

...

But yes, unless you had an amount actually forgiven *which would mean that you had what's called COD (Cancellation of debt) income which would be accompanied with a 1099-C and a tax bill, the amount owed would have to be added to the loan.

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Customer reply replied 5 months ago
Again I repeat that I do not want the monthly plan, just the trail period, no other payment from my card are not authorized.
Tax Professional: Lane, JD, CFP, MBA, CRPS replied 5 months ago

I have no idea what you're talking about. The expert users here are just users as you are (although with credentials verified and tested out in my subject area). You'll have to take up billing issues with customer service

...

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Customer reply replied 5 months ago
Do not charge any other fees to my account, I am cancelling now and for future times.
Tax Professional: Lane, JD, CFP, MBA, CRPS replied 5 months ago

Again, I'm so sorry ... please don't shoot the messenger here, but the other debt didn't just disappear (UNLESS you received a 1099 and were taxed on borrowed money that would never be paid back)

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Tax Professional: Lane, JD, CFP, MBA, CRPS replied 5 months ago

Phones:

Customer Service:

  • (800)(###) ###-####/li>
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Tax Professional: Lane, JD, CFP, MBA, CRPS replied 5 months ago

Here are a couple of other options for getting hold of customer service:

...

Contact us

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Lane
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Category: Tax
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