Are you upside down on your home loan? Are you making your payments on time? Have you been denied an application to refinance your loan? This Home Affordable Refinance Program (HARP) could help you avoid foreclosure. HARP is expected to save the lives of 4-5 million home-owning families.
Obama and his socialist cronies seek to buy your vote by putting you and your children in debt with this expensive new program. Every time the government wants to help me, I have to ask myself how much that help is going to cost me. However, if you are in the market to avoid foreclosure with the help of the government, this may be for you. If you qualify, you may be lucky to avoid foreclosure this way.
* FNMA or FHLMC must own or insure the mortgage
* owner-occupied property
* all mortgage payments must be current
* only transaction costs can be added to the new loan amount, i.e. no cash withdrawal is allowed
* the new mortgage cannot exceed 105% of the current market value of the property; lines of credit and other mortgage loans in excess of 105% may be subordinated if lienholder agrees
You can call these numbers for more information and to see if you might qualify for this assistance.
Fannie Mae,
1-800-7FANNIE (8 am to 8 pm EST). [email protected]
freddy mac
1-800-FREDDIE (8 am to 8 pm EST) www.freddiemac.com/avoidforeclosure
Some questions you haven’t addressed by the advertised ratings:
* Can title liens, such as IRS liens, be added to the new loan?
* Will PMI be required if a homeowner does not have it now?
* Can an escrow account be converted to a new loan if it doesn’t exist now?
* Can a second mortgage or line of credit be included in the new mortgage?
* Will homeowners whose primary residences are more than 105% upside down be allowed?
If you are making your payments now, lowering your interest rate and payment will only decrease the chances that you will default on your mortgage. However, if you’re waiting for interest rates to come back down, you may be waiting a long time. If you feel you are in some sort of trouble, you may want to take action now to avoid the chances of foreclosure in your future. WARNING: The program ends in June 2010
