HARP: Home Affordable Refinance Program
HARP: Home Affordable Refinance Program was rolled out in April, 2009.
This program was designed to help homeowners who have had significant reductions in their property values finally be able to refinance their homes.
HARP allows a loan-to-value ratio set at 105% and under the Obama Administration this number has become 125%.
- You must be current on your payments in order to qualify for the refinancing.
- You cannot take cash out.
- Your current loan must be with a Fannie Mae or Freddie Mac lender.
- The refinancing must be completed with a Fannie Mae or Freddie Mac approved lender.
- The new loan will include mortgage insurance.
Visit http://makinghomeaffordable.gov/refinance_eligibility.html for more details.
Need more information? Call Joe Elizondo of Northeast Financial at 323-256-7833 or email Joe at neast-financial @ sbcglobal.net.
Your mortgage lender may offer an installment solution
Here’s one solution that might be offered when negotiating with your mortgage lender:
Some mortgage lenders will offer to take the full amount of past due mortgage payments and divide them up in installments. This installment payment is then added on to the mortgage. Some homeowners are able to do this if the conditions causing the previously missed payments have now improved.
However, some homeowners can not make the original mortgage payment so adding on an additional installment payment is definitely not feasible. Consider carefully before accepting an installment solution offered by your mortgage lender. If this is your situation, you may need to seek other avenues of resolution.
Need more information? Call Joe Elizondo of Northeast Financial at 323-256-7833 or email Joe at neast-financial @ sbcglobal.net.