Many of you will have had or maybe still have mortgage repayment problems. You may have wondered how long you can manage to keep your payments current. Most of all you will be worried about what will happen if you are no longer able to pay. For some of you, help may be at hand with the Government's Making Home Affordable HARP program.
To qualify for this scheme, it stands for Home Affordable Refinance Program, you must not be in arrears with your mortgage repayments. You will have been unable to get other refinancing due to the decrease in the value of your home. There are other conditions too. Only those who match them all can apply.
So these are the main points. You must not be in arrears where your mortgage payments are concerned. Indeed you must not have got into arrears during the past 12 months nor had any other problems regarding repayment. The LTV ratio, that is current loan-to-value ratio, must be more than 80%.
Your loan or mortgage should be managed or at least sponsored by Fannie Mae. It should have been purchased by either of them prior to 31 May 2009. You should have no arrears and have had no repayment problems for a minimum of 12 months. Your current LTV or Loan-to-Value ratio has to be over 80%. This scheme should not have granted you assistance at any earlier time unless you have a Fannie Mae mortgage which was refinanced in the spring of 2009.
Contact the company to whom you make your repayments. Most mortgage providers are participants in HARP. If they yours are not, contact Fannie Mae or Freddie Mac for advice. Another mortgage servicing agent will be able to help you. It is a good idea to shop around a little, if you are eligible, to see what the best terms available are.
If you meet all the conditions, you will have to make an application. There are fees involved. harp program can make your life worth living again by easing your repayment burden.
To qualify for this scheme, it stands for Home Affordable Refinance Program, you must not be in arrears with your mortgage repayments. You will have been unable to get other refinancing due to the decrease in the value of your home. There are other conditions too. Only those who match them all can apply.
So these are the main points. You must not be in arrears where your mortgage payments are concerned. Indeed you must not have got into arrears during the past 12 months nor had any other problems regarding repayment. The LTV ratio, that is current loan-to-value ratio, must be more than 80%.
Your loan or mortgage should be managed or at least sponsored by Fannie Mae. It should have been purchased by either of them prior to 31 May 2009. You should have no arrears and have had no repayment problems for a minimum of 12 months. Your current LTV or Loan-to-Value ratio has to be over 80%. This scheme should not have granted you assistance at any earlier time unless you have a Fannie Mae mortgage which was refinanced in the spring of 2009.
Contact the company to whom you make your repayments. Most mortgage providers are participants in HARP. If they yours are not, contact Fannie Mae or Freddie Mac for advice. Another mortgage servicing agent will be able to help you. It is a good idea to shop around a little, if you are eligible, to see what the best terms available are.
If you meet all the conditions, you will have to make an application. There are fees involved. harp program can make your life worth living again by easing your repayment burden.
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http://www.harploanprograms.com has a lot more useful information about harp program
