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

Refinance your mortgage with the help of the government- Harp Program

Article by giovanni lambrusco Maybe you didn’t get a refinance with a traditional refinance bank, because the value of your home has decreased? Or maybe you owe more on your mortgage than your house is worth? Then the Home Affordable Refinance Program (HARP) may help you to refinance your mortgage. Many homeowners try to refinance their mortgage but are failing for many reasons. Whether you watch the financial news on CNBC or Bloomberg TV,  I’m sure you’ve heard about the existance of certain government programs aimed at helping home owners who cannot take advantage of cheap mortgage rates, just because they don’t qualify to refinance their mortgage. This “HARP loan program” is a great chance for property owners with mortgages owned by either Fannie Mae or Freddie Mac. Are You Considering Re-Financing? Homeowners who … Read entire article »

Filed under: Debt Relief, Mortgage Refinancing

Why Do We Need HARP Loan?

Article by Karan Agarwal HARP is short form for “Home Affordable Refinance Program” and was first designed for those people who owned homes that were serviced by loans from Fannie Mae and Freddie Mac. With this program homeowners were then able to refinance their homes that where slightly underwater that previously didn’t have Mortgage Insurance. This could also be done with loans that were struggling or which had an outstanding balance that was much higher than the value of the house. When HARP first came about, it did not do well in some areas because incomes were being closely watched and loans were capped at a 125% value. This basically meant that you could not own more than 125% the value of the home. There will also be zero limits for value … Read entire article »

Filed under: Mortgage Refinancing

Where’s the Promised Government Loan Money (HARP) for Distressed Homeowners?

THE HISTORY OF HARP Since 2007, when the American housing bubble burst, untold numbers of homeowners have found themselves in the dire dilemma of seeing the value of their homes sink below the amount they owe on their mortgages, putting them “under water” in mortgage jargon. With most mortgage lenders requiring a loan to value ratio (LTV) of 80% or less on refinancing (not requiring private mortgage insurance [PMI]), these homeowners have been basically locked out from taking advantage of the record low interest rates. Seeking solutions, the Federal Housing Finance Agency (FHFA) introduced the Home Affordable Refinance Program (HARP) in March 2009 thus began the history of HARP. WHO QUALIFIES FOR HARP? HARP was designed to help homeowners obtain refinancing when the value of their home exceeded 80% LTV without having to … Read entire article »

Filed under: Mortgage Refinancing

HARP Loans For Underwater Homeowners To Refinance Into Lower Mortgage Rates

Article by Karan Agarwal For much of the past year, mortgage rates have been at or near record low points. Unfortunately, many homeowners have been unable to take advantage of these rates due to declining home equity. Many homes have lost significant amounts of value since the housing market peaked in 2006. As a result, many homeowners now owe more on their mortgage than their home is worth (this condition is known as being “underwater” or “upside-down” on one’s mortgage). Homeowners who lack equity in their homes are frequently unable to meet the loan-to-value (LTV) ratios required by lenders in order to refinance their mortgages. These borrowers may be missing out on thousands of dollars worth of savings. In response to this situation, the government created the Home Affordable Refinance Program (HARP). … 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

An Improved HARP for a Sweeter Mortgage Harmony

The administration of President Barack Obama, together with the Federal Housing Finance Agency (FHFA), has recently released an improved program that aims to reenergize the housing industry. This has been done by implementing a series of changes to the Home Affordable Refinance Program (HARP). Their short-term objective for this is to help homeowners that are stuck in their respective upside-down mortgages; nevertheless, in the long run, all these adjustments are intended to attract more eligible borrowers, lenders, mortgage treasurers, and other participants in making the industry as dynamic as it was before. To realize those goals, the Obama administration and FHFA have decided to remove the stipulation that excluded over 125% of the current value of houses. Although it is a big financial leap, the government is confident that it can … Read entire article »

Filed under: Mortgage Refinancing

Harp Mortgage Program – The New Angel of Hope for Many

The well known Harp mortgage program is also known to many as “Home Affordable Refinance Program” and even as “DU Plus program”, says a source. Although the terms could look different from one another, the meaning for the terms would all be the same. Hence when we talk about DU or even HARP, the meanings in this write up would be interchangeable for understanding purposes. Through various sources we get to know that the program was initiated by the Congress to help citizens across their nations not lose their homes and to get the ball rolling for the mortgage markets as well. For those who have been and worked in the industry of mortgages, they would already have an idea on how effective Harp mortgage program as a tool can be. … Read entire article »

Filed under: Mortgage Refinancing

Overcoming Mortgage Difficulties With the HARP Mortgage Program

Back in 2009 when the economy started sliding indefinitely, my high school classmate Ralph started to face issues with his monthly mortgage loan repayment. This was primarily caused by the fact that Ralph lost his day-job as his company started retrenching that year, and left him precariously positioned in terms of financial stability. Without his main source of income, Ralph was forced to look for alternative jobs, most of which did not pay regularly. As a result, his mortgage loan started to suffer as he missed several payments in a stretch. He faced the additional problem of owning a home that did not appreciate in terms of value. Thus he owned no equity in his home at that time, and could not apply for a home equity loan. He was … Read entire article »

Filed under: Mortgage Refinancing

Prevent Foreclosure of House with HARP Program

If you are struggling home owner who is in the adjustable rate mortgage slab, not able to make monthly mortgage payments; than Government making home affordable refinance program (HARP) is here to help you. Millions of homeowners as the result of financial crunch have not been consistent with their mortgage payments, and which is why federal government has come up with various programs, and HARP is one of them. If you’re presently in an adjustable rate mortgage and finding yourself having problem coming up with the monthly installments, you’re in the same place as millions of other Americans are. Fortunately, there is help for everyone, counting you that are having complexity. You could avoid foreclosure through Obama’s home affordable refinance program. The main matter is that numbers of homes are now … Read entire article »

Filed under: Mortgage Refinancing

Easing Your Burden With HARP Mortgage

My friend Aiden bought his first home several years ago. He went for a fixed rate mortgage and managed to consistently pay his monthly dues without fail. That was until the recession hit and the firm he was working for had to shut down. Aiden tried to find another job to try to keep up with his mortgage payments but many firms were simply not hiring. So Aiden had to work as a waiter at a restaurant which was less than what his qualifications could offer. He was also earning significantly less than what he earned as an engineer but he had to do something in order to live. With his reduced income, Aiden had to make some adjustments to his finances and that included reducing his monthly obligation on … 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

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