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[ F1 News: ] HARP program – Federal Mortgage Assistance

on Apr 30, 2012 in HARP Refinance | 40 comments

[ F1 News: ] HARP program – Federal Mortgage Assistance

of Think-N-Evolve HARP program – Federal Mortgage Assistance article by Karan Agarwal The Federal programs offer help to struggling homeowners in two ways – either by refinancing the existing mortgage, or an amendment to the existing home loan refinance Home (HARP) It is possible that you qualify to refinance at affordable option for the production at home program, if: • Your existing mortgage is Freddie Mac or Fannie Mae owned • The loan-to-value ratio of your first or primary mortgage is not more than 125% • Your mortgage payments are current and regular The borrower can still make this Obama’s home affordable refinance program options qualify even if he or she is on the head of the mortgage, but has the required loan-to-benefit ratio. If you currently have raised an arm to pay your mortgage and the rate at which the modification makes it possible to take a fixed rate to complete and do away with his arm. Another advantage of the HAMP option is that it is in the restructuring of your existing mortgage by extending the life of the loan, reducing the net interest payable, and also helps reduce the amount of the monthly mortgage rate. It is one of the best option to save your home if you are exposed to time, make a foreclosure or is likely to be there in the near future. To use your HAMP: • The mortgage balance was less than 9750 • The monthly payment for your main or primary mortgage (if you have served secondary mortgage market or a home equity line of credit – HELOC ) should be more than 31% compared to its associated make your monthly gross income The main goal of the use of a HAMP is to modify or restructure the terms and conditions with your current mortgage and. the monthly mortgage payments more affordable Eligibility for Home Affordable Modification Program to come question for Hamp, the applicant is: Should have • and occupy the home • The Harp program is basically for homeowners whose mortgages have depreciated in value in recent times meant, as well as provide the security is not enough financial guarantees for the existing mortgage. Change the Loan (HAMP) This Home Affordable Modification Program option for borrowers who are behind on their mortgage payments is meant to please, or are not able to afford the monthly installments due from various reasons. Should have made use of the current mortgage on or before 1 January 2009 • If you owed less than 9750 on the existing mortgage (for a single device at home) • Have all a monthly gross income is more than 31% of the proposed modified loan monthly payments, including property tax and • Insurance companies has a compelling financial hardship letter with at least 3 provide critical factors to explain why it is difficult if not impossible, to make the monthly mortgage payments and stay with the existing mortgage current If your existing want to modify loans and get the benefits of HAMP, refinance mortgage company can help the following conditions for them. An effective hardship letter and proper documentation can help you get a lower interest rate – as low as 2%, and even extend life up to a maximum of 40 years. Our lawyers can help you find out your home loan modification. decide one way Avail It is very important to decide which option is best for you depending on the current status of your mortgage. The refinancing option allows you to complete your existing mortgage by paying through your work from home loan and...

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