In order to save $75 a month using HARP program, couple must void their will.

[RobJohnson]

First off the plan has helped about 3 million less then the President has promised....and then there are things like this that real estate attorneys do not understand...

Like thousands of Nevada homeowners, Mel and Yvonne Klien are underwater on their mortgage.

And like many, the retirees were hopeful that they could get some relief from the federal Home Affordable Refinance Program, which would refinance their mortgage at a lower rate even though the Great Recession wiped out their home equity.

But their hopes quickly dissolved in frustration when they learned that Mel, 73, would have to void his will and the couple would have to temporarily give up their state homestead tax exemption in return for a $75 cut in their monthly payment to Wells Fargo & Co.

HARP NIGHTMARE

[formerlurker]

Link doesn't work.

[Bad Dog]

What did they expect from the Wizard of "O".

[RobJohnson]

Link doesn't work.

The link worked for me, but it looked like I was logged into the paper's website.

Try this link, it's direct from Google: Linki

Yup.

It's BS...sounds like the bank are able to add rules as they go...

[Ballygrl]

http://lvrj.com/business/instead-of-helping-bank-compounds-couple-s-housing-nightmare-159340135.html

[RobJohnson]

http://lvrj.com/business/instead-of-helping-bank-compounds-couple-s-housing-nightmare-159340135.html

Thank you.

Like most things President Obama has done. It has not worked as intended. Making a person that old
"rip up his will" that would result in his wife being homeless if he died....is freaking nuts!

On a second note. The house is nice and would sell for more then 35k....I live in the same town. My guess it would sell for around 50k, which is still much less then they paid for it...but homes are investments and the price can go up or down...I've never been bailed out of a bad investment....not sure why people think they should be now. My bro in law and sister lost 2.5M during the time the banks were being bailed out on a resturant they were partners in. The resturant was in the Villages, FL.  There was no one to bail them out. That was just the cash they lost. They are still making an equipment lease payment that 3 of the five parters defaulted on and they came after my brother in law for the entire amount...

It's a very popular resturant chain that is growing in the Midwest and a few other areas. He is the VP of operations and also owned a couple himself.