| House Refinance Center |
| Government Mortgages: HAMP, HAFA and HARP |
| HARP Mortgages: Now Is The Time To Refinance Home Affordable Refinance Program (HARP) is one of the solutions for borrowers to refinance their mortgage loans. HARP is also a strategy used by President Obama to get the housing market back on track to profitability. Anyone can use HARP to their advantage. If you are current with your mortgage and think that you would benefit from a much lower mortgage rate you can apply for a refinance mortgage from a HARP approved lender. Fannie Mae and Freddie Mac will allow refinancing. First, you must determine if you are eligible. The following are key factors.
In situations where you have two mortgages on the house, you might still be able to qualify under HARP. Your eligibility will depend on two additional requirements. The most challenging would be getting the lender of the second lien to remain in a junior lien position. The second lien holder will require a fee and might want to rewrite his mortgage at a slightly higher rate. And secondly, you must be able to make all mortgage payments. This program expires on June 10, 2010. prev: next: Home: ===================================== HAMP Mortgages: Real Help Home Affordable Modification Program (HAMP) was created to help homeowners who are facing financial difficulties with the payment of their mortgages, get a loan modification. The result of the modification should prevent foreclosure. Only your mortgage servicer will be able to tell you if you are eligible for a loan modification. However, you should carefully consider these facts.
2 Units: $934,200 3 Units: $1,129,250 4 Units: $1,403,400
If you have a first lien, as well as a junior you can still apply. However, the modification applies only to the first lien. Before you contact your mortgage servicer, have your paperwork in order. These documents include:
Remember that you do not have to pay a loan modification fee or a past-due late fee if you are behind in your mortgage. Borrowers who are behind in their mortgage payments and are having financial difficulties seldom have extra funds. If you are behind in taxes, your servicer might offer you the option of adding the amount to the new modified loan, or paying the amount upfront. Borrowers are encouraged to contact a HUD- approved housing counselor to help them understand all their options and to create a viable budget plan. The number to reach a counselor is 1-888-995-HOPE (4673). If you have already missed one or more mortgage payments and have not spoken to your loan servicer, call them immediately. ***HAMP expires on December 31,2012. prev: next: Home: |
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| Bad Things Do Happen To Good People These are real people. Americans who have done the right thing. Now They are about to lose their home. Watch the above video. |
| Pres. Obama Discusses U.S. Housing Crisis Watch the above video. |
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| Home Affordable Foreclosure Alternatives (HAFA): Short Sale 101 The Treasury Department released a new program to fight the housing crisis. HAFA applies to loans that are not owned or guaranteed by Freddie Mac or Fannie Mae. HAFA is created to simplify the process of a short sale and deeds-in-lieu of a foreclosure. This is a "last resort" situation. The homeowner just can not afford the house. He can not keep the house. The only viable option at this point is to walk away. Thus a short sale. All parties involved has to work together in order to make the program work. The homeowner gets to see the sort sale terms and conditions before the house is listed on the market. The borrower is given a maximum of $1,500 for relocation assistance when the sale is completed. If the proceeds is less than the mortgage balance, the shortfall is considered "debt forgiveness" and has to be reported to the IRS on form 1099C. The $1,500 will also have to be reported. This is a major concern for many homeowners. This program does not offer many benefits to the borrower. The only real benefit is the fact that the homeowner is released from any indebtedness to the lender because of the short sale. Future liability of the first mortgage is wiped out; no promissory note, no default judgment is allowed. The program does not take effect until April 5, 2010, and it ends December 31,2012. |