California HARP Has Been Extended Till 2015 by Fannie Mae and Freddie Mac

The Federal Housing Finance Agency (FHFA) today directed Fannie Mae and Freddie Mac to extend the California Home Affordable Refinance Program (HARP) by two years to December 31, 2015. The program was set to expire December 31, 2013. More than 2 million homeowners have refinanced through HARP, proving it a useful tool for reducing risk,said FHFA Acting Director Edward J. DeMarco. We are extending the program so more underwater borrowers can benefit from lower interest rates. Get a Rate Quote for HARP HARP is designed to allow borrowers who owe more than their…continue reading →

Can HARP 3 Soon Become A Reality For California Homeowners? #MyRefi

Its been a stop-and-go for the new and improved┬áHome 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 the Home Affordable Refinancing Program (HARP, also called HARP 2) for mortgages backed by government-owned Fannie Mae and Freddie Mac since it began in 2009. The new plan loosely called HARP 3 would create a similar avenue for an estimated 930,000 borrowers whose…continue reading →

Good News about Principal Reductions and Underwater Mortgage Refinances

After years of a declining housing market and no solutions in sight, there are two terms that are making the light of day: Principal reduction and Underwater mortgage refinance. As everyone knows, the housing recession began in 2007 when housing values started falling and homeowners could not sell their homes. Then people who were over their heads in mortgages they could not afford started defaulting on their loans. The rest is housing meltdown history. Now, five years later, it appears that a few members of the calvary are riding in with principal reductions…continue reading →

Bank Settlements and Refinance Programs All Good News for Struggling Homeowners

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,…continue reading →

HARP 2 and Other Problems Mount for Bank of America Mortgage Business

Bank of America continues to hit the headlines, unfortunately for all the wrong reasons. It all started late in 2011 when Bank of America decided to exit the Correspondent Lending business. Housing wire reported that Bank Of America was grappling with $1 trillion in soured mortgages and securities written prior to the 2008 acquisition of Countrywide Financial Corp. Even though the BofA spokesperson mentioned it was done to focus more on the "direct-to-consumer" channel. Then earlier this year Bloomberg reported: Bank of America's retail channel has been unable to keep up with demand…continue reading →

New HARP 2.0 Alert – Full Launch By Lenders Expected on March 17, 2012

New 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 of the reasons was that Fannie Mae hasn't made changes to it's internal underwriting system for these loans to be underwritten. Get a HARP Rate Quote Now In a recent announcement however, Fannie Mae mentioned that the necessary changes will be made to…continue reading →

New HARP 2.0 Obama Government Refinance – Guidelines Released

Guidelines 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 starts on December 1st, 2011 and goes till December 31st, 2013. The loan must be currently owned/serviced by Fannie Mae or Freddie Mac. Go here to find if your loan qualifies. The loan must have closed before June 2009. The program allows for…continue reading →

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…continue reading →

Just in – Expanded HARP Refinance program for California Underwater Mortgages

Federal 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 to deal with a problem at the center of the economy's weak recovery -- a crippled housing market. Here are the highlights of the program: More than 125% LTV allowed. So if you owe more than 125% of the current house value, you…continue reading →