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[ F1 News: ] know what potential buyers think about the Home Affordable Refinancing Program

on Apr 26, 2012 in HARP Refinance | 40 comments

What potential buyers about the Home Affordable refinance program know have Articles by Pryde Prue After the boom-bust period in the United States’ real estate market recently lost quite a few owners of some value of their property and are therefore under water with their homeland. What means to owe these people on the current value of their homes. Although banks and credit institutions, their policies in this particular new housing disaster have adapted, many houses and apartment owners refinancing and restructuring their mortgages with more affordable prices and conditions suitable. But the majority of the underwater house and flat owners do not or will qualify for the requirements of the program to refinance because of little value in their home. Refinancing Home Affordable Program (HARP) is ideal for homeowners who are regular in their payment obligations fund but not in a position as a result of these new facts. are The Harp-plan has been around since 2009 by the federal government and save about 2 million borrowers money in the program. On 15 November 2011, the government reported us the new harp program. The new harp program by eliminating some barriers and some criteria to define revised. The main novelty of the new program is the elimination of 125 percent loan-to-value limit. Previously, homeowners loans only amount equal to 125 percent of its current value of the property. It was a major obstacle in re-financing for part of the homeowner where the housing market failure negatively had on their properties and the primary current expenditure loans far above the present value of the property devalued . Under the HARP 2 program, should the borrower with a fixed price mortgage no limit to the amount of foreign funds have to borrow them. The harp program will end on June 2012 and the Advanced Harp 2 to 31 December .. 2013 to continue to use the HARP program, homeowners must be kept to a mortgage or secured by Fannie Mae or Freddie Mac Other important criteria for the improved new harp program include: 1 sold the mortgages to Fannie Mae or Freddie Mac must be on or before 31 May 2009.2 be. This mortgage balance of the property must be over 80% of real estate value.3. the homeowner’s mortgage payment must be up-to-date, while during the refinancing skipped without payment of the last half-year period and not more than one missed payment in the last 12 months. The new HARP program does not require the home to the main house of the borrower, which has a specific requirement within the original HARP was not aware program.Homeowners be if their loans by Fannie Mae or Freddie Mac is owned, its because these organizations to work with the lender of the institutions and not as a direct homeowner. A credit provider intervention in the HARP refinance program is capable, a homeowner, whether to inform his or her home loan by Fannie or Freddie reached. also many mortgages in recent years have been sold. So, a borrower must pay, the servicer them to ensure the owner of the mortgage. In the event your mortgage Fannie Mae or Freddie Mac sold on or before May 31, 2009, you are eligible for the harp program to be evaluated. whether the loan is owned by Fannie Mae or Freddie Mac backed up or use their “credit-Lookup” tool on their websites. About the Author For more information, we recommend you take a look at house for sale in Warner Robins, GA Bonaire, or Realtors. Other acquire informaiton please visit here … [ F1 News: ] know what...

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