The program which President Obama signed into law and which became the Making Home Affordable program has final after 3 years begin to live up to its billing. In the first 6 months of 2012 alone, more mortgages have been refinanced than in all of 2011. To date this year more than 385,000 homeowners have been helped by the HARP portion of the MHA Plan. Whether this is due to an improving economy or a reduction of fees and relaxation of some regulations remains to be investigated.
In the spring the Obama administration announces what has been termed HARP 2.0 which saw the removal of the upper limits on a properties LTV ratio formerly held at 125%. With this change many homeowners in some of the most badly depressed markets were given the opportunity to refinance their homes and with the savings, avoid foreclosure. The extension of the program from December 2012 to December of 2013 will also allow some homeowners who have struggled to make timely payments get back on track so that they too can avail themselves of this government program which requires no late payments in the last six months and only one in the last twelve.
Reductions in paperwork and the removal of certain requirements and fees have also opened the door to more American homeowners. Though mortgage rates have been fluctuating slightly upward, they are still at historic lows in comparison to what they have been. Tight credit requirements from lenders have also eased somewhat allowing more people to apply and be successful at obtaining refinances. For the first time, this program, which appeared at the start to provide such promise to help Americans struggling to keep their homes, may wel;l be working for the people for whom it was intended.
If your mortgage is secured by Fannie Mae and Freddie Mac or was sold to them before May 31, 2009 you may be eligible for this HARP 2.0 refinance program to find out you can contact mortgage experts right here at the to assist you in determining your eligibility for this program. Our simple online application will get the whole process started.