Articles Comments

Debt Relief – Insolvency – Bankruptcy Information » Mortgage Refinancing » Home Affordable Refinance Rates Offer Mortgage Relief

Home Affordable Refinance Rates Offer Mortgage Relief

With the advent of Obamas making home affordable program, many lenders have made its guidelines a part of their business practices. Bad credit mortgage refinance are loans approved for people with any type of credit to not only avoid foreclosure but also to make ready cash available for their emergency needs.

With the advent of Obamas home affordable refinance program, many lenders have made its guidelines a part of their business practices. Bad credit mortgage refinance are loans approved for people with any type of credit to not only avoid foreclosure but also to make ready cash available for their emergency needs. Comparative information on mortgage refinancing rates can be easily got thru free quotes from many companies on the internet. Just make sure they are accredited by reputable national organization like the BBB and have no disreputable cases with the attorney general of your state.

Loans Store provides online low rate debt consolidation help to reduce monthly payments by up to 60%, stop creditor calls and become debt free in as little as six months.

During 2009, the mortgage modifications continued to help distraught homeowners unable to qualify for conventional refinance loans due to decreasing real estate values. The recent real estate disaster snatched away the home equity for millions of Americans. The Home Affordable Refinance Program launched new government refinancing opportunity that for a large number of borrowers. Americans can reduce their monthly payments or modify their existing home mortgage to keep their home and avoid foreclosure with HARP which is a part of the Obama mortgage plan.

The recent government plan of home affordable refinance rates gives relief benefits over conventional home refinancing because it does not require equity. To offset the adverse effects of home value depreciation the Obama mortgage plan allows borrowers to refinance their mortgage up to 125% of the present value of their property. Borrowers can now refinance into lower mortgage payments with the 125 loan plan.

Qualifications required for Making Home Affordable Program Loan: The new plan qualifies homeowners to refinance their present mortgage if the home is being used for their residential purposes. Homeowners should be current that is less than 30 days late in the last 12 months with their mortgage and the mortgage is supposed to be insured by one of the two mortgage companies backed by the U.S. government Fannie Mae or Freddie Mac. The home mortgage must be before or on January 1, 2009 to qualify. The home value must have also sufficiently decreased preventing the homeowner to refinance using conventional loans.

The making home affordable refinance program may finally be able to resolve the financial distress of many Americans who have been looking to the government for help. the average borrower could not refinance with past government refinance plans like Hope for Homeowners and FHA Secure because they could not qualify due to stringent program requirements. FHA refinance may still be a good for borrowers with credit scores below 620 but with compensating factors.

Obama’s initiative to help troubled homeowners keep their homes comes in two parts -the home affordable refinance program and Home Affordable Modification Program – both the programs aim to help 3 to 4 million American homeowners avoid foreclosures.

More Home Affordable Refinance Program Articles

RELATED POSTS:

  1. Home Affordable Refinance Program (HARP) extended for underwater homeowners. The Home affordable refinance program or HARP has been extended for California homeowners who owe up to 105% of...

  2. Obama’s Home Affordable Refinance Program (HARP 2.0) Explained in Less Than 2 Minutes. Obama’s Home Affordable Refinance (HARP) program www.rmilending.com has been revamped. Since there are a few changes to the plan,...

  3. Making Home Affordable Program and His Refinance Part The making home affordable program consists of two main parts: the home affordable modification program (HAMP) and the home affordable...

  4. HARP 2.0 Home Affordable Refinance Program The Home Affordable Refinance Program (HARP) or HARP 2.0 has been extended until December 31, 2013 and allows homeowners...

  5. What Is The Home Affordable Refinance Program or What is HARP 2.0? According to the Wall Street Journal, approximately 23% of US homes are underwater – meaning the homeowner owes more than...

Written by

Filed under: Mortgage Refinancing · Tags: , , , , , ,

Leave a Reply

Connect with Facebook

*

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>

Not finding what you're looking for?
Do a custom search of our entire site:

Get Adobe Flash player