Federal Government Looks to Spread Awareness of Refinancing Options>PRWEB.COM NewswireChicago, IL PRWEB October 03, 2013The Federal Savings Bank is continuously informing current lien holders of various refinance opportunities. With refinance activity on the decline, the Federal Housing Finance Agency is doing all it can to spread awareness about the Home Affordable Refinance Program.However, theres more to the FHFAs awareness campaign than just spurring on mortgage activity. The government agency has said that too many Americans who are eligible to benefit from the program have not done so due to a lack of knowledge regarding HARP.”Theres a perception among some that youve got to be delinquent in order to have some government-sponsored program that can help you,” FHFA Acting Director Edward J. DeMarco told Bloomberg on September 23rd. “What we want to do is correct that misperception.”
Fannie Mae site helps you find your way through…
Confused about what options might be available to you and if you even qualify for them? Fannie Mae’s Know Your Options site will get you rolling in no time!
First, to be sure your mortgage is owned by Fannie Mae, start with the Loan Look Up on the very top menu line. Once you’ve confirmed this, you have a literal plethora of assistance in sorting out what options may be open to you.
Their Option Finder makes this all easy! You answer simple, focused questions and come out the other end with your options! If there is something you are not sure about, you can contact them for assistance from a real person!
- How to refinance with little to zero equity
- How to modify your loan
- Options to stay in your home
- Options to leave your home
- What to do if you are already in foreclosure
- A Resource list for Mortgage Assistance & Government Programs that may apply
Another great feature are the calculators made available on the site so that you can get an estimate of your monthly payments would be on a modification or refinance.
Check it out now at www.knowyouroptoins.com!
Like a lot of difficult things in life, the first step is the hardest.
When you’ve come to the inescapable conclusion that there is just no way to keep up with your mortgage payments and that the longer you put off finding out what your options are, the worst things will be and the fewer avenues you will have open, you’re ready to do something, but what?
As a CDPE (Certified Distressed Property Expert), I know where to start and how to proceed and that is one of the biggest advantages I bring to the table on your behalf. Everyone’s time frame is different and my approach will be different depending on how much time you have.
CDPEs enjoy a 80% rate of success in Short Sales.
I’d like to see everyone exploring their options the day after they miss the first payment. Sadly, this hardly ever happens because we go into denial over our circumstances. It’s a common human reaction, but don’t let it stop you from taking a step forward. Really, there should be no foreclosures hitting the market before a loan modification, and if that did not work, a Short Sale was attempted.
Unfortunately we see foreclosures hit the market every day where the home owner gave up because they just didn’t know there was any other way.
Picture a large flow chart with your house at the beginning. On this chart there are connecting “routes” to the best outcome for you. What route is taken depends on the amount of time you have, the number of lenders to negotiate with, and even the condition of the property.
The foremost goal is to save your home. If that can’t be done, then to save your credit by Short Selling your home. So, where do you start? By getting in touch with me by email or phone. Let’s talk about what you are facing and what options are open to you.
Yes, I do short sales, but what I am after first is the best solution for YOU. I layout the options you may have after the facts of you particular situation are evaluated: loan modification, re-finance, non-profit services, federal programs,… A short sale is one solution, but you may find a better one.
Foreclosures last approximately 7 years on credit ratings. For most families that is almost half the number of years their children live at home with them.
HARP 2.0: What it is; What it isn’t
October 26th, 2011 in CDPE by Alex Charfen
When the Obama Administration announced a series of changes to the Home Affordable Refinance Program (HARP) early this week, our phones started ringing with inquiries from the media for our input concerning the impact. And we had even more questions about HARP during our CDPE Advanced Broadcast yesterday afternoon.
The new HARP is by no means a game changer.
Here’s essentially what we’ve had to say about the revamped government mortgage refinancing program:
HARP 2.0, as the media has started to refer to it, has some merit, but it’s scope is very limited and it will have little or no impact on foreclosures or the estimated 6.4 million homeowners nationwide who are behind on their mortgage payments. The new HARP just expands the net of those who were eligible for help under the original version.
HARP was created in April of 2009 to help borrowers whose loans were backed by Fannie Mae or Freddie Mac, but did not have enough equity or negative equity to refinance. Under the original version of HARP, borrowers who were current on their payments and owed up to 125 percent of the current value of their homes could refinance their mortgage.
The original HARP fell short of expectations. Over the past two and a half years, only 838,000 homeowners have benefited from the program. The new HARP has broadened the base with looser eligibility requirements.
Borrowers with FHA, Fannie Mae or Freddie Mac mortgages that were sold to Fannie or Freddie before May 31, 2009, will be able to refinance, no matter how far underwater they are. Banks will only have to verify that borrowers have made their last six payments, that they’ve haven’t missed more than one payment over the past year, and that they have a job or another source of regular income.
Other key changes:
- Appraisals are no longer required if there is a reliable automated valuation model (AVM)–a significant hurdle in the previous plan.
- Risk-based fees have been eliminated for borrowers who refinance to 15-year mortgages.
- Existing mortgage insurance coverage can be transferred much easier than under the original HARP.
While the new HARP won’t help homeowners who are behind on their payments and at risk for foreclosure, it is a welcome relief for homeowners who have been caught in the Catch-22 of not being able to refinance because they owe more on their mortgage than their home is worth, and at the same time, don’t qualify for a short sale or a loan mod because they are current on their payments and still have income and assets sufficient to cover their costs.
More money into the pockets of this segment will mean more dollars back into the economy, potentially heading off strategic defaults and keeping and stemming the tide of homes entering the foreclosure pipeline.