Expansion of the HARP Program likely, while debt forgiveness – not likely

08.03.2012

As for debt forgiveness: The FHFA, Federal Housing Finance Agency, has concluded after months of study, that while debt forgiveness could benefit nearly a half a million homeowners, the costs outweigh the potential benefits (to taxpayers). “The choices we’ve had to make are hard but they need to be made,” said the FHFA’s acting director, [...]

I’m current on my mortgage, will a refinance under the Home Affordable Refinance Program (HARP) help me?

06.22.2012

The HARP Program was designed to help homeowners with negative or low equity (high loan-to-value) to refinance their homes and take advantage of the low, current interest rates. In order to qualify for the program, borrowers must be current on their mortgage, with no late payments in the last 6 months, and no more than [...]

Can Fannie or Freddie own my loan if I make my payment to a bank?

06.07.2012

Yes they can.  (and to qualify for a HARP Loan, it must be owned by Fannie or Freddie) After you take out a home loan, your lender obviously sends you monthly statements indicating the mortgage payment due each month, and the remaining principal balance on the loan.  This is known as “servicing the loan”, – collecting payments and [...]

Housing hits a bump in the road

04.04.2012

By Lucia Mutikani WASHINGTON (Reuters) – Contracts to purchase previously owned U.S. homes unexpectedly fell in February, suggesting a loss of momentum in the housing market after recent signs of improvement. The National Association of Realtors said on Monday its Pending Home Sales Index, based on contracts signed in February, slipped 0.5 percent to 96.5. [...]

Government HARP

03.21.2012

If your mortgage is underwater, the government HARP Program may help you lower your mortgage payment, and refinance into a lower rate. The government HARP Program is being implemented March 2012 in an effort to help homeowners lower their mortgage payment through refinancing.  The Home Affordable Refinance Program was put together by the Obama administration, through [...]