HARP 2.0: What You Need to Know About the Feds’ Latest Plan for Underwater Mortgage Help

Posted on Apr 20, 2012 in HARP Refinance

by I See Modern Britain

HARP Refinance Program

Article by John Mathew

Falling interest rates is perhaps the most important reason why people go for home loans refinance. Not only are the home loan refinance rates more attractive but sometimes also the terms. These sops included marginal application fee, there health adjustable interest rates, cialis 40mg no fees for appraisal or a nominal fee for title search.

This period of recession however has been very bad for the country and the country men. Many found that they just could not cope with the monthly payouts and were really concerned that the roof above their head which most people take for granted, could well be snatched away from them. The HARP refinance scheme that was put in force during this time really helped the people who were genuinely affected by the recession. HARP refinance stands for Housing Affordable Refinance Program is a government sponsored program meant to help people in financial crisis and who are not able to repay the home loan they have taken on the house that they are living in. In the HARP refinance scheme the borrower gets the benefit of lesser monthly payout and possibly a better plan such as a lower fixed interest plan. The home loan refinance rates in the HARP refinance scheme are much lower so that the larger burden of a big payout is reduced considerably.

There are of course some pre-conditions to the HARP refinance scheme which have been put in place so that there is no misuse of this program. Only those who can fulfill the conditions can avail this very pro-people program that has been implemented by the government. Some private financers may offer lower home equity loan rates than government recognized financers to lure clients, however, one must be careful when dealing with these agencies. Recession or general fall in the property market brings the prices of homes crashing. This also causes the home equity loan rates to come down to encourage people to buy homes. When more people start buying homes the prices of property starts to rise again and also the home equity loan rates.

Thus, one can say that, home equity loan rates are very important indices to gauge what is happening in the realty sector. And since the realty sector is an important part of the nation’s economy, one can also evaluate the economic growth and condition by observing the fluctuations in the home equity loan rates.

Some of these conditions are that the mortgage must be owned by the Government approved Finance agencies; Fannie Mae or Freddie Mac. Also the loan application and approval process must be complete before May 2009. The home-owner should not be a defaulter and must have paid all installments up-to-date in the last one year. Since home loan repayment rates are decided upon the ratio of loan to value, the criteria for HARP Refinance is that this ratio should be more than 80%.

The US Government USA hopes to end the ongoing economic crisis sooner than later so that home loans refinance will not be such a big deal and home loan refinance rates will be more inviting.

About the Author

John Mathew is the author of this article and writes articles since long time. For further details home loan refinance rates and fixed rate home loan please visit the website.

More informaiton please visit here…
meaning of the Home Affordable Refinancing Program Fees

article by Sally Mansell

The government and private companies have harp program that people with negative equity to refinance the home with a good affordable price range.

There are many people who are not adopted in a position to pay their mortgages to help cope. The reason behind this may be their unemployment, medicine loss in the economy, high inflation or other unexpected reason. For all these reasons people facing bad credit history. Considering this state of the people of the refinancing operations was introduced. It is the term in which the borrower decides to pay her current loan with the new loan plan. Harp Program is a turnkey solution to get people to put the negative equity. The harp is to refinance your home affordable program. This program has been serving the people for so long. This program includes many different factors

interest rates. As for the loan plans, the interest rate in the refinancing program also plays a very important role. The home affordable refinance program should be good enough to repay the loan plan. Some people make mistakes and do not give attention to interest rates. You think, what are the prices, the loan will be paid without any problems. But if interest rates are similar or even worse as compared to the current loan interest rates to refinance then turns to a useless thing and a waste of time and money. In addition, if interest rates are good, then they will help you save money and make money. In addition, there are also some Home Affordable Modification Program Directive , which tells you how your home mortgage affordable. They offer you the complete information on how you should and when that term


eligibility. There are some requirements of the Home Affordable Modification Program. These requirements are there to make your home affordable refinance program verify eligibility criteria . You can not just come forward and apply for this program. The company will check and make sure you have enough for this program are eligible. The financial situation of the borrower by the bank statements can be verified, etc. In addition, you can only refinance the house in which you live, not for the house that you have rented or are not under personal use.

Closing Costs: Before you go to refinance you need to pay a certain amount. Similarly, there are also some of the affordable refinance program home closing costs. There are many other programs that are introduced in order to minimize these closing costs. This amount depends on the type of loan you choose.

are Ronald is an employer in private companies, which provides harp program and explains its customers that the importance of affordable home refinance program eligibility.

About the Author Sally is a regular writer for

online mortgage refinance company that provides detailed information on affordable home loan modification program to refinance your home affordable program and other related matters.

more informaiton please visit here …

by 401K

HARP 2.0: What You Need to Know About the Feds’ Latest Plan for Underwater Mortgage Help

Article by Homeowner101

HARP 2.0: What You Need to Know About the Feds’ Latest Plan for Underwater Mortgage Help

You’ve probably heard about HARP, abortion or the Homeowner Affordable Refinance Program, this site a federal initiative designed to provide underwater mortgage help to homeowners with Fannie Mae or Freddie Mac loans refinance with lower payments and more stable (or fixed) terms. But what you may not know is that last year, President Obama announced some pretty significant changes to the HARP program. We’re calling it HARP 2.0.

So what does HARP 2.0 mean for you? The big news is expanded eligibility, since the loan-to-value (LTV) cap has been eliminated. In other words, it doesn’t matter how underwater you are on your home. Even if you own 0,000 on a house that’s been valued at 5,000, you may still be able to qualify for a refinance under HARP.

Here are some key points to keep in mind if you’re interested in refinancing through HARP (and you can learn more about what HARP 2.0 really means – and some of its hidden dangers – in our mortgage refinance plan report):

You probably won’t need an appraisal. If you meet the other qualification criteria, you could be a candidate for a HARP refinance under the new rules. If you pursue a mortgage refinance with your current lender, you won’t have to provide additional documentation, and you won’t be subject to a credit check. If you refinance through a new lender, you’ll be required meet all standard qualifications (with the exception of the appraisal). Your loan must fall under the current conforming loan limits of 7,000 (5,500 in “high cost” areas). You have until December 13, 2013 to get your mortgage refinance under HARP 2.0.

HARP 2.0 could be a great opportunity for many underwater homeowners. But there are a few things you’ll need to watch out for if you want to pursue underwater mortgage help through HARP:

Refinancing under HARP 2.0 could turn a non-recourse loan into a recourse loan. In simple terms, if you default on a recourse loan, the bank can take the house and come after your other assets. That’s not the case with a non-recourse loan. Before you refinance make sure you scrutinize your new mortgage agreement – with the help of a real estate attorney. If you refinance under HARP 2.0, your mortgage payment will be lower, but you’ll still be underwater on your mortgage – possibly for many, many years. Not every lender will offer HARP 2.0 mortgage refinancing. The government isn’t offering any incentives for lenders to participate, and many may be unwilling to take on the added risk of refinancing underwater mortgages. (In fact, our sources tell us that lenders still aren’t refinancing mortgages with a loan to value ratio above 125% – meaning that if you owe more than 25% of what your house is worth, it may be very difficult to find a lender to actually fund your new mortgage.) You’ll have to pay any fees associated with the refinance. Even if you technically “qualify” for HARP 2.0 according to the government’s criteria, you may still be turned down for a refinance or loan modification. HARP 2.0 isn’t your only option. Depending on whether or not you’re current on your mortgage payments, there may be other loan modification or mortgage refinance options under the government’s Making Home Affordable program.

So, is HARP 2.0 right for you? The answer is, “It depends.” For some underwater homeowners, HARP 2.0 may mean more affordable mortgages that allow them to stay in their homes. But before you pursue a HARP 2.0 refinance, you need to understand all the possible implications. That’s why we offer the Homeowner 101 Assessment and Action Plan, which is designed to help you evaluate all your options for dealing with your underwater mortgage and choose a solution that works before for you.

About the Author

Homeowner 101 provides underwater mortgage help. Short sale, foreclosure, loan modification: we give you the Answers, Information, and Resources (A.I.R.) you need to make an informed decision. If you’re an underwater homeowner, sign up for the free online mortgage help workshop where you’ll learn the 4 underwater mortgage mistakes you absolutely cannot afford to make.

For more informaiton please visit here…

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