by John Roney
In 2009, the mortgage bailouts continued with a new home refinancing program designed to aid struggling homeowners who have not been able to qualify for traditional refinance loans due to declining property values. Unfortunately, the recent housing crisis eroded the home equity for millions of homeowners. The Home Affordable Refinance Programs rolled out new government refinancing options that became available to a large sector of borrowers. HARP is part of the Obama mortgage plan that helps Americans reduce their loan payments or alter their current mortgage to be able to stay in their home and avoid foreclosure.
The loans and debts management experts will help you become eligible for your HAMP or HARP benefits. The Home affordable refinancee Program (HARP) presented by the Obama administration in 2009 intends to provide opportunities for American homeowners facing delinquency problems to avoid foreclosures and bankruptcies, and keep their homes. It is possible for home owners to restructure or change their existing mortgage loan terms and conditions and avail favorable loan repayment conditions through the making home affordable refinance program. It is important to become eligible for the program - you need to qualify. Refinancing helps the applicants in becoming eligible for the mortgage refinancing benefits.
Who should I contact? Any normal channel for home loans can help you with this program. You can use your preferred mortgage broker, bank, credit union, etc. Tell them you want to apply for the Home Affordable Refinance Program. If they don?t know what that is you should take your business somewhere else. What should I expect? This loan is processed the same as a regular refinance.
Once you choose a lender it should take 30 to 45 days depending on how busy the company is that you choose. If you do not qualify for the program for some reason you should look into the other Obama Administration program, the Home Affordable Modification Program, which is also available to you if you are Fannie Mae or Freddie Mac owned. Need to find out who owns your loan? The website SavingTheHouse.org [https://savingthehouse.org/] will answer that question and more.
The Home Affordable Refinance Program may finally be the solution that many Americans have been looking for. Past government refinance plans like Hope for Homeowners and FHASecure were unable to help the average borrower refinance because they could not qualify due to lending program glitches. FHA refinance may still be a good fit for borrowers who have credit scores below a 620, but the borrower must be able to display compensating factors. Like conventional and FHA mortgage loans, pay stubs are required, and borrowers must be able to document that they have the ability to afford the new loan payments.
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