Many have found themselves experiencing the financial woes of the economy. Individuals are looking for relief when it comes to making their mortgage payments. Some are in grave danger of losing their homes and are desperately looking for a solution. The harp program may be the answer to their problem.
HARP was initiated by the Obama Administration as a means of helping families stay in their homes regardless of market value. It gives them a chance to refinance their homes and regain control.
Although this plan exists, it has been noted that few homeowners actually take advantage of this opportunity. Whether or not they have any knowledge that it exists is another question.
Certain criteria for the plan has to be met before homeowners can become eligible. For example, one of these criterion is owning a home that has been sold to Fannie Mae/Freddie Mac before May 31, 2009. The homeowner must also be current on the mortgage with a minimum of one late payment within the last 12 months and no late payments within the last six months.
This opportunity which is sponsored by the government helps families because it purchases mortgage backed securities during a time where rates are at their lowest. If an owner is having problems staying afloat, this opportunity affords them the ability to be able to take advantage of lower rates. The key is being able to make the payments once the mortgage is refinanced.
Congress will determine the amount of time that this opportunity will remain in effect. Therefore, if an individual desperately needs this type of help, they are encouraged to act swiftly. Time is of the essence.
The sooner an individual acts, the better chance they have of lowering their monthly payments along with their term by using certain Streamline processes offered through Fannie Mae/Freddie Mac. The harp program may be the key for allowing individuals to get another shot at home ownership.
HARP was initiated by the Obama Administration as a means of helping families stay in their homes regardless of market value. It gives them a chance to refinance their homes and regain control.
Although this plan exists, it has been noted that few homeowners actually take advantage of this opportunity. Whether or not they have any knowledge that it exists is another question.
Certain criteria for the plan has to be met before homeowners can become eligible. For example, one of these criterion is owning a home that has been sold to Fannie Mae/Freddie Mac before May 31, 2009. The homeowner must also be current on the mortgage with a minimum of one late payment within the last 12 months and no late payments within the last six months.
This opportunity which is sponsored by the government helps families because it purchases mortgage backed securities during a time where rates are at their lowest. If an owner is having problems staying afloat, this opportunity affords them the ability to be able to take advantage of lower rates. The key is being able to make the payments once the mortgage is refinanced.
Congress will determine the amount of time that this opportunity will remain in effect. Therefore, if an individual desperately needs this type of help, they are encouraged to act swiftly. Time is of the essence.
The sooner an individual acts, the better chance they have of lowering their monthly payments along with their term by using certain Streamline processes offered through Fannie Mae/Freddie Mac. The harp program may be the key for allowing individuals to get another shot at home ownership.
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