The
Obama administration has done a lot of things to try to improve the
economy and stop the rash of foreclosures occurring in the real estate
market. As part of this initiative, many programs were put into place.
One of these programs is the HARP refinance program.
The HARP program is a refinance option
that can make your payments much lower by taking advantage of the new
low interest rates. However, the program is not available for everyone.
There are certain situations in which HARP loans can help you.
The Obama refinancing plan was developed
to help home owners whose homes had dropped in value. When your home is
not worth what you owe on it, you cannot qualify for a regular
refinancing option. Obama supported this plan because it rewards
responsible home owners. It also reduces payments, making it more likely
that good payment histories can continue and not end in foreclosure.
In order for you to take advantage of
HARP refinancing program, you will need to have a good payment history
for twelve months. This means that you cannot have any payments that
were thirty days or more late in the last six months, and only one such
late payment within the previous twelve month period. If this does not
apply to you, you should look into other programs put in place by the
Obama administration to try to avoid foreclosure.
Another piece of the puzzle is that your
home loans must be owned by Freddie Mac or Fannie Mae. Your loans are
likely serviced by another company, but the owner of the loans should be
one of these two entities. If you are not sure about who owns your
loans, check with the Making Home Affordable government website for
details about how to find out.
Finally, in order for you to be able to take advantage of Obama mortgage reduction program
you will need to be working with a loan servicer that offers this
option. Not all of them offer these programs, so it is important to ask.
If your loan servicer does not work with these programs, you may still
be able to take advantage of a HARP loan.
In these cases where you are eligible in
all other ways for a HARP loan, you can sometimes find companies that
work with these programs and can help you even though your loan servicer
cannot. These companies can cut through the red tape and help you
understand your options through the HARP loans. If you think you might
qualify for a Home Affordable Refinance Program,
you should contact our office at HARP Alliance. We can help you make
sense of the regulations surrounding these loans and help you apply for
them so that you can lower your payments and save your home.
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