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Money-tied-up-300x225Homeowners 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, 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.