subject: Make Your Home Affordable Again Keep Your Home [print this page] UsLoanZ helps making home affordable refinance program harp eligibility possible for borrowers. The team of special staff working on home affordable refinance program will help you negotiate with your lender or identify another lender for mortgage refinance.
To succeed at HARP, mortgages must predate June 1, 2009. The benefits of this program are available only till the end of 2013. To take advantage of low rates take action now for the prime rates may go up any time. The HARP 2.0 plan aims to help more underwater borrowers. Borrowers whose mortgages are more than their home value need to be aware of this. HARP 2.0 has eliminated the cap of being no more than 125% underwater. It has also abolished some of the fees, including appraisals and underwriting fees, needed for conventional refinance.
The obama home modification loan changes to HARP makes it available to more people. All or any homeowners with underwater homes do not automatically qualify for a refinance under HARP 2.0. Your loan must be held by either Fannie Mae or Freddie Mac, before June 1, 2009. You must be current on your mortgage payments for the past six months with only one late payment for 12 months.
The home affordable refinance 2.0 is not a mortgage modification program. It is refinancing your mortgage with a lower rate to reduce your payment.
But you can modify a home loan with any lender or mortgage company to satisfy your needs of saving your home and alleviating your money troubles.
What do you want when you say you want to modify a home loan? A mortgage modification, restructuring, or workout plan whatever you call it is the changes in mortgage loan terms agreed to between borrower and lender.
The changes in the rate, term and monthly payment of the loan help the borrower to pay no more than 31% of their gross income.
What Obamas plans do is to standardize the guidelines for mortgage lenders across the country. Hence the mortgage lender industry as a whole is now implementing these guidelines so that more homeowners can have affordable payments and get some relief in their financial hardship.
Start with noting down your monthly budget. Lenders ask all kinds of information and you must be prepared. You must have as steady income so you can cover monthly expenses and make the new lowered payment. Every detail like car fuel, groceries, utilities, credit cards, cell phone, car insurance, etc. will be accounted for to check you have enough money to pay your new mortgage.
