Simplified HARP 2.0 Refinance Program To Get Rid Of Mortgage Debts-Avoid Foreclosure Now
Industry: Banking & Loans
The HARP 2.0 refinance program is the Obama administration’s renewed bid to help salvage the sagging housing market.
United States (PRUnderground) February 18th, 2013
“In an all out effort to help almost 3 to 4 million financially struggling homeowners across the United States, the President revealed the revamped version of the erstwhile HARP of 2009, to expand its reach to borrowers whose homes have developed negative equities thereby rendering them unable to refinance at lower rates through conventional means.”
The Obama administration rolled out the HARP 2.0 refinance program to cover up for the failure of its earlier version, the HARP plan of 2009. The renewed schedule, with simplified qualification criteria, has been met with a much greater degree of success than its predecessor if reports are to be believed. As per figures released by the Federal Housing Finance Agency almost 20% of the home refinancing reported during the May of 2011, were under the HARP 2.0 plan. The FHFA believes that the program is estimated to reach out to at least 3.5 top 4 million financially distressed homeowners across the United States. To that effect, one must know what the HARP 2.0 actually is and the manner in which it can help mitigate mortgage woes.
What is HARP 2.0?
Who may be eligible for HARP 2.0?
- Present mortgage loans are owned or guaranteed by either Fannie Mae or Freddie Mac.
- Existing mortgage must have been sold to Fannie Mae or Freddie Mac on or before May 31, 2009.
- Homeowners should be current on their monthly payments during the past 12 months. Only one single payment default not exceeding a period of 30 days is allowed.
- Except Fannie Mae loans which were refinanced between March and May 2009, all other loans which have been refinanced under HARP earlier are not eligible.
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