Are you upside down in your home loan? Are you making your payments on time? Have you been refused an application to refinance your loan? This Home Affordable Refinance Program (HARP) might be able to help you avoid mortgage foreclosure. HARP is expected to be a life saver for 4 to 5 million home-owning families.
Obama and his socialist cronies are looking to buy your vote by putting you and your kids deeper in debt with this spendy new program. Anytime the government wants to help me, I have to wonder how much that help will cost me. However, this may be for you if you are in the market to avoid mortgage foreclosure with government help. You might be lucky to prevent mortgage foreclosure if you meet the requirements.
* FNMA or FHLMC must own the mortgage or secure it
* owner-occupied property
* all mortgage payments must be current
* only transaction costs can be rolled into the new loan amount, I.e., no cash-out allowed
* new mortgage may not exceed 105% of the property’s current market value lines of credit, and other mortgage loans exceeding the 105% may be subordinated if the lien holder agrees
You may call these numbers for further information and see if you qualify for this assistance.
1-800-7FANNIE (8 am to 8 pm EST). email@example.com
1-800-FREDDIE (8 am to 8 pm EST) www.freddiemac.com/avoidforeclosure
Some questions you have not addressed by the publicized qualifications:
* Can liens on the title, like IRS liens, be rolled into the new loan?
* Will PMI be required if a homeowner doesn’t have it now?
* Can an escrow account be rolled into the new loan if one doesn’t exist now?
* Can a second mortgage or line of credit be rolled into the new mortgage?
* Will homeowners whose primary residences are upside down by more than 105% be allowed?
If you’re making your payments now, lowering your interest rate and cost will only decrease the chances of defaulting on your mortgage. However, if you wait for interest rates to go back down, you might be waiting for a long time. If you sense you are in any trouble, it will behoove your to take action now to avoid mortgage foreclosure possibilities in your future. WARNING: The program ended in June 2010
by Sam Hill