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Debt Relief – Insolvency – Bankruptcy Information » Entries tagged with "Affordable"

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 refinance program (HARP). The difference between HAMP and HARP Between those two variants there are no many differences. They are both about making the monthly payments affordable for the house owner in order to avoid foreclosure. HAMP will realize this through the modification of the interest rate and/or extending the loan repayment time. Harp will use refinancing as a tool to reduce mortgage interest rate. Home affordable refinance plus program may sometimes consist in a second mortgage when the equity is big enough. How does HARP work in practice? As you may know, when it comes to practice a lot of paperwork brake social programs from its straight course. Home affordable refinance application process did … Read entire article »

Filed under: Mortgage Refinancing

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 their home is worth. The percentages vary widely state-by-state. For expample47.9% of Arizona mortgages were estimated to have negative equity, along with 34.7% of California mortgages and 19% of Colorado mortgages. These days number one question clients are asking right now is what is the HARP program? The Home Affordable Refinance Program, or HARP 2.0, is the new government-sponsored, no appraisal, home mortgage refinance program for underwater home mortgages. The HARP program is available for Fannie Mae and Freddie Mac owned mortgages that were originated prior to June 1, 2009. You can check eligibility at www.HARPtool.com The original Home Affordable Refinance Program was limited to 125% loan-to-value. The 2.0 version of the HARP program … Read entire article »

Filed under: Mortgage Refinancing

Making Home Buying Affordable

If you are trying to buy a house, for sure, you really want the property to be very affordable. Everyone aims to get a discount for the property they want to buy, but surely, investing in a house is such a very expensive financial activity. You will truly try your hardest particularly in the negotiation stage just so you can have the lowest deal for the house you want. You will go to available properties, let us say, Gilbert homes for sale , and check if your budget can handle it. After deciding which property to buy, you will plan and calculate for your initial purchase and try if you can still make the selling price lower. During the negotiation process for the Gilbert real estate property that you chose, … Read entire article »

Filed under: Mortgage Refinancing

What is the difference between the Making Home Affordable refi and modification?

My mortgage loan qualifies for the Making Home Affordable program, but I don’t know what the difference is between selecting a refinance or a modification. My situation is that I have significantly lost income and at the same time my home value has dropped way below my mortgage balance so I can’t sell and my payments are too high to continue making, am already about to miss a payment this month. … Read entire article »

Filed under: Mortgage Refinancing

What income are they looking for for the “making home affordable” program.?

I want to refinance, not modify. Do they want to see that I make alot of money or a little? I know to refinance you must show you make a decent amount of money. They are asking for my bill totals and income, does anyone know the ratio or what they are looking for? … Read entire article »

Filed under: Mortgage Refinancing

Question about the making home affordable plan the government signed.?

I’ve been online and researched about the making home affordable program and I’ve found out there’s two parts to the program: one called the home affordable refinance and the other home affordable modification. The home affordable refinance requires the loans to be either fannie mae or freddie mac to qualify. The home affordable modification helps the others that do not have loans with fannie mae or freddic mac. I keep calling my mortgage company, Countrywide, becuase they posted online that they supposedly started to take applications for the goverment program. But everytime I call, they keep saying my loan is not a fannie mae or freddic mac loan; therefore, I do not qualify. I just want to know if there is anybody that does not have a fannie mae or freddic mac loan … Read entire article »

Filed under: Mortgage Refinancing

If I quit my job, would I qualify for Obama’s Making Home Affordable mortgage refinancing program?

If I quit my job, would I be able to qualify for the program since I would have less than 31% of my monthly income and be unable to pay for my monthly mortgage paymentgs? The program is unclear on what a hardship is, and if you have to be laid off or fired. What prevents people from just quitting their job to qualify for the program, then get another one once they are accepted and put on the plan? Note – This is what I’m trying to confirm if its true or not “Plus, if you quit your job, your lender isn’t going to modify your loan because your hardship is your own fault” … Read entire article »

Filed under: Mortgage Refinancing

With the Making Home Affordable program,can I be denied loan modification if I already refinanced last year?

Only about 8 months ago Bank of America solicited me and offered to refinance my mortgage with the government “Making Home Affordable” program. I was struggling and it made perfect sense so I did it. Now things have gotten even worse for me and I’ve been working with a credit councilor to try to avoid bankruptcy. He suggested that I call the HUD and ask them about a loan modification. I spoke quickly with someone today, not an actual HUD councilor, that said that because I already refinanced with the program, that I’m not eligible to do a loan modification through it. Is this true!? If so, what options do I have? Can I get a loan modification without the government program? The credit councilor said that my housing costs … Read entire article »

Filed under: Mortgage Refinancing

HARP 2 Home Affordable Refinance Guidelines 2 HARP 2

Appraisals Waived on Refinances for Alameda HARP 2 Home Affordable Refinance Program Guidelines Mortgage Minute Alameda refinances mortgages appraisals; HARP gets “re stringed”. Great news! If you know me at all, you know I am optimistic, so…Great News…for a Couple People! The big news this week is HARP. THE Home Affordable Refinance Program has been “re stringed” HARP was designed to assist distressed borrowers who are current on their mortgages but “underwater” meaning they owe more than their home is worth. It’s no surprise several studies identified these borrowers as being likely to strategically default on or walk away from their homes and foreclose. While regulations won’t be finalized until November 15th the changes to “Harp 2″ include – •Removing the 125 percent loan-to-value. •Waiving risk-based fees on borrowers who … Read entire article »

Filed under: Mortgage Refinancing

Am I eligible for Obama’s Home Affordable Refinance Plus Program?

Here are the facts. I live in a 1 bedroom condo in a complex with about 100 units. My mortgage is around $185k. The value of my home has been cut in half since I refinanced about 3 years ago to about $120k (I am underwater on mortgage now by about 50% due to price value drop). I have never missed a mortgage payment and should have much trouble making the payments in the future. I am unemployed..forced into early retirement about 8 years ago due to layoff and was unable to find another suitable position, probably due to my age and the bad market. I am now about 58 years old. My current mortgage rate is about 5.7%. My mortgage is with PHH Mortgage, which I got through Merrill … Read entire article »

Filed under: Mortgage Refinancing

Making Homes Affordable Refinance Program?

I need some clarification on this program. I am not in any hardship, but I do have a Fannie Mae loan. Currently, I am in a 5-year ARM and it is up in May of 2010. My rate is 5.375% and it would go down to approximately 5.1%. Today I finally got somewhere with my lender CitiMortgage. We started to look at the refinance option and I would have $4,600 rolled over into my existing loan for closing costs and $460 out of my pocket for an application fee which includes an appraisal. My payment would be only be $12 lower per month, but my rate would be locked. For some reason the numbers don’t add up to me. The closing costs and fees seem to … Read entire article »

Filed under: Mortgage Refinancing

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