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

Posted on Apr 26, 2012 in HARP Refinance

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, medications their policies in this particular new housing disaster have adapted, drug 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, see 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

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by Images_of_Money

HARP Re-Finance Loan

Article by Karan Agarwal

HARP leads are new to the mortgage community so let’s try to make sense of requirements for a HARP re-finance and show what data sets are working well to get those deals closed. First off let’s define what HARP is, clinic HARP stands for Home Affordable Refinance Program, symptoms It’s also commonly referred to as a DU re-fi or DU Plus program. The terms may be different but they are describing the same program. So for our purposes here, approved DU and HARP will be interchangeable. This is part of Congress’ effort to jump start the mortgage market and keep people in their homes. If you have been in the industry for any amount of time you probably already have your own ideas of just how effective this program will or won’t be, but we’ll focus on the requirements for getting those deals done.

The basic tenants of the HARP deals are as follows:Mortgage Trigger Leads

1. You will be working with the servicer to get these deals done. The original lender does not need to be the servicer for these deals. This presents some very unique opportunities for those of you who work directly for the lender. So if you work for Bank Of America, there is a gold mine in these deals with the right kind of data. If you are a broker, there is still a gold mine but he data you’ll be using will be a bit different.2. The first mortgage can be up to 105% LTV. No appraisal is required but the AVM will vary by servicer. Juniors can be subordinated to unlimited CLTV!3. The type of loan you’ll be transition people to is straight forward. A 30 year fixed will need to be put into another 30 year fixed. If you have an adjustable you can take them to a 30 year fixes or another adjustable. A 30 year fixed can’t be transitioned over to an adjustable.4. Borrow may not have any late reporting mortgages in the last 12 months.5. There is not had credit score requirement but there will be rate adjustment for scores under 7406. The loan must be agency loans, fannie or freddy

So let’s talk about the data for getting these done.

If you are working for the Lender/Servicer, Bank of America, Wells, etc.

You have an advantage that is unique and you have the opportunity to provide real benefit to your borrow. Using a soft inquiry lead (which your employer already does at the wholesale level) you have the ability to screen via the soft inquiry and find your existing customers that eligible for a HARP refi. This is usually done with the borrow name and partial SSN which are provided with our leads. We are screening the credit report so the other requirements are read directly off the credit and ensure that your prospects meet the specific requirements for the HARP program. If you can imagine the scenario of calling Johnny Borrower with your internal customer information and our lead and letting them know that they qualify for a reduction in their interest rate without an appraisal then you already have half of the deal done. Please give us a call and let us go over this unique opportunity.

If you are a broker;

As a broker, you will have the same opportunity to help your borrow and gets deals funded but the tact you will take will be different from the LO who is working for the lender. Since you don’t have access to look up customers via an internal system your marketing will be done in a more traditional manner. Direct mail has proven to be a solid method for getting these borrows and the mail piece is simple. They are already approved and since you’ll be screening via the same soft inquiry process that the institutional lenders are using you’ll have the same added advantage of knowing what’s on the credit report before a single piece of mail is sent or a single phone call is made. Once the borrower’s eligibility is verified you’ll be pushing the re-finance through the servicer. Please call us to get more details about this unique opportunity. The deals are the middle ground between an FHA re-finance and a conventional deal. These require less effort than a convention and a better paycheck than a streamline.

About the Author

To learn more about the HARP 2.0 options available to you, visit http://www.confirm-eligibility.com/

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by seaview99

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

Article by Paul Jensen

WHERE’S THE HARP MONEY?

Since 2007, ambulance 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 pay the additional PMI costs. Originally, this program was intended for homeowners with 105% LTV mortgages or less. This cap was subsequently lifted to 125% LTV later that year (2009), and subsequently, in October 2011, the cap was eliminated altogether, probably in response to the fact that home prices all over the country were still on a downward path. The 2011 HARP update was also designed to increase the number of Americans that will qualify for the government loan money.

However, the following conditions listed below still have to be met in order for you, a homeowner to qualify for a HARP refinance:• Your mortgage must be owned or guaranteed by Fannie Mae or Freddie Mac. This is a big source of confusion for many homeowners since neither lending agency deals directly with the public. If in doubt whether your particular qualifies, you can visit the Fannie Mae or Freddie Mac websites and use their Loan Lookup Tools.• Your mortgage cannot have been refinanced under HARP previously unless it is a Fannie Mae loan that was refinanced under HARP from March-May, 2009. • Your mortgage also had to have been secured on or before March 31, 2009. The reasoning behind this being that after this date mortgages already had lower interest rates.• The current loan-to-value (LTV) ratio on your mortgage must be greater than 80%.• You must be current on your mortgage at the time of the refinance, with no late payment in the past six months and no more than one late payment in the past 12 months. • Only individual homeowners can qualify for HARP, as this program does not extend to companies or any other legal entities.• Homeowners also must benefit from HARP either by (1) receiving lower monthly mortgage payments or (2) by switching to a more stable mortgage (i.e., from an adjustable rate mortgage to fixed rate mortgage).OTHER HARP CONSIDERATIONS

And these are just the primary eligibility requirements. There are others. Therefore, it is imperative that homeowners seek the help of professionals who are well versed in the demanding and fairly complicated HARP loan process.As you can see, the history of HARP is still evolving and subject to future changes. For now, HARP is due to expire on December 31, 2013, but if housing market conditions continue to decline, then hopefully the Federal Housing Finance Agency (FHFA) will continue to adjust to the new circumstances. Presently, a nice feature of HARP is that homeowners can avoid paying for an appraisal if a reliable automated property valuation model, such as Zillow, is available for your particular area, subject to the mortgage servicer’s discretion of course.The significant changes in HARP eligibility requirements announced by President Obama in October 2011 have led mortgage industry insiders to dub it HARP 2.0, even as the history of HARP is little more than two and a half years old. The Mortgage Bankers Association has previously estimated that 0 billion in mortgages will be originated in 2012 but with HARP 2.0 fast becoming effective, this number will certainly rise. Unfortunately, HARP was not designed to help homeowners already in foreclosure proceedings or in danger of being foreclosed upon.CONCLUSION

The HARP mortgage application process can take a few months to complete and therefore, it is strongly advisable that homeowners who feel they may qualify for the HARP program should seriously consider contacting professionals who can efficiently guide them along the long and laborious process of refinancing under HARP 2.0. The history of HARP is by no means over yet and it will take professionals to keep track of developing changes in the process.

About the Author

Paul Jensen is a nationally published author, freelance technical and medical writer with extenseive medical education, training, and experience, advertising agency executive, and successful businessman living in Utah with his beautiful wife and children. He may be contacted at http://www.CoreNetworkMedia.com Scott Blotter is a highly experienced bankruptcy attorney practicing in Sandy (Salt Lake City), Utah http://BankruptcyUtah.com

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