Bank Settlements and Refinance Programs All Good News for Struggling Homeowners
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I am the author of this blog and also a top-producing Loan Officer and CEO of InstaMortgage Inc, the fastest-growing mortgage company in America. All the advice is based on my experience of helping thousands of homebuyers and homeowners. We are a mortgage company and will help you with all your mortgage needs. Unlike lead generation websites, we do not sell your information to multiple lenders or third-party companies.
Homeowners more deeply underwater on mortgages handled by five major U.S. banking firms are prime candidates for getting help from a $25-billion nationwide settlement over alleged foreclosure abuses.
That’s because the settlement gives the nation’s largest mortgage servicers more incentives to help those who owe 40% to 75% more than the value of their homes, according to details of the settlement filed Monday in U.S. District Court in Washington.
Even so, the settlement’s effect on the housing market could be limited. Only customers of the five largest servicers are eligible for principal reductions, and only if their loan is not owned or backed by government-controlled mortgage financing firms. Fannie Mae or Freddie Mac.
However, homeowners who do have mortgages backed by Fannie Mae or Freddie Mac can look to the Home Affordable Refinance Program being launched this weekend on March 17th. The HARP program is part of a wider scope program known as the Making Home Affordable Program (MHA). Both MHA and HARP are critical elements of the Obama Administration broad strategy to help homeowners avoid foreclosure, stabilize the country housing market, and improve the nation economy.
We have written recently about HARP including guidelines and why the Government thinks this time they got it right.
Homeowners who are underwater have options and this program may be a way to assist them in saving their homes and lower their monthly payments, permanently, whereas the recent 18.5 billion dollar settlement for California homeowners would only give some homeowners a few thousand dollars.
By using the resource material Arcus Lending has created for homeowners, Bay Area residents can easily assess if they qualify for HARP and our team can take them through the process, if they require consulting.
We have created an online education toolbox to help homeowners avail themselves of the program details of HARP in a variety of easy to understand initiatives including an exclusive website, www.CaliforniaHomeRefinance.com which offers FAQ about the program and allows users to see if they hold a Fannie or Freddie loan and if they qualify for a refinance. The can also obtain a free rate quote and a complimentary consultation.
On this site, homeowners can download a free e-book, 7 Things You Need to Know About California HARP Refinance
We also created a Facebook business page to share HARP FAQ answer questions or let homeowners connect with each other.
Please feel free to contact us directly if you would like to discuss how we can help you.
- 66Guidelines Released for California New HARP 2 - Obama Government Refinance Get a HARP Rate Quote Now Fannie Mae and Freddie Mac today released the guidelines for the new expanded Home Affordable Refinance Program (HARP), also called Obama Government Refinance program. Here's 8 things you need to know: The program…
- 58Its been a stop-and-go for the new and improved Home Affordable Refinancing Program 3.0 (also called HARP 3). Towards of the end of last year the launch seemed to have gained momentum. But nothing seem to have happened in last month or so. Nearly 1.8 million borrowers have taken advantage of…
- 58The 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…
- 52New HARP (Home Affordable Refinance Program), also called Obama Government Refinance Program is expected to be fully launched on March 17, 2012. Even though the program was announced in December, 2011 the lenders have been slow in offering this new and enhanced program to California homeowners with underwater mortgages. One…
- 52Federal Housing Finance Agency (FHFA) just announced that it is expanding it's HARP Refinance program for California and rest of the country for borrowers who are underwater on their mortgages. The plan, targeted at borrowers who hold loans backed by Fannie Mae and Freddie Mac, is the latest government effort…