Upside Down? HARP Obama Refinance- Ultimate Guide +RateQuote

What is Making Home Affordable (MHA) program? The Making Home Affordable Program (MHA) is a critical part of the Obama Administration's broad strategy to help California, Washington and Oregon homeowners (and rest of the country homeowners) avoid foreclosure, stabilize the country's housing market, and improve the nation's economy. What is HARP? First established in 2009, HARP (Home Affordable Refinance Program) was initiated as an option for underwater homeowners wanting to refinance their mortgage at lower interest rates with government expectations that it would assist millions of homeowners who found themselves owing more on…
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HARP Expanded Obama Refinance Program – Big Banks Sign Up

The expanded HARP (Home Affordable Refinance Program), also called Obama's Refinance Program is moving along. Bank of America, Chase, Wells Fargo and Citigroup all released statements last week in support of HARP 2.0. Get a HARP Rate Quote Now The Federal Housing Finance Agency had earlier announced the framework for the expanded HARP. Some of the guidelines include: The loan should currently be owned or serviced by Fannie Mae or Freddie Mac The loan should have closed before June 2009 No double dipping - so if you have already availed of a HARP…
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Government announces principal reduction plans for underwater borrowers

The Government said last week it would offer principal reductions for borrowers who are underwater (owe more than their homes are worth.) The FHA plan is targeted at investors who currently own these underwater mortgages (see Negative Equity Share Chart below - source American Core Logic). Under the plan, the 1st mortgage holders would write down the principal of a first mortgage at least 10%. The loans would then be refinanced into FHA-insured mortgages as long as the loan to property value ratio is 97.75%. For borrowers with second mortgages, total mortgage debt…
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