However if this Homeowner rings up their mortgage lender tomorrow then the agent may sing a different tune.Įssentially President Obama has expanded the reach and eligible population of this program by expanding the loan to value requirements. Just a few days ago a Homeowner who was current on their mortgage but had a loan to value of 110%, meaning his home was valued less than his financial obligation or debt due to the mortgage lender by 10%, this Homeowner would have been turned down if seeking a Making Home Affordable Mortgage Refinance through Obama’s Plan. he has expanded the reach of the homeowner refinance initiative and assistance program. Yesterday July 1, President Obama signed into action a modification to the Making Home Affordable Mortgage Refinance Plan. Obama has modified the MHA Refinance Program known as HARP Please contact him if you need a mortgage referral or assistance with a refinance or purchase transaction.We all have heard of the making Home Affordable Mortgage modification and Refinance plan that President Obama put in place to help Homeowners avoid foreclosure and to make home affordable. is an experienced Massachusetts real estate closing attorney. If this HARP finally sings a tune, it will be cause for joy among borrowers, mortgage bankers, and closing attorneys across the state.
![obama hasp program obama hasp program](https://i1.rgstatic.net/publication/46525795_Using_Aggregate_Time_Series_Variables_to_Forecast_Notices_of_Default/links/56c26abd08aeedba0567f541/largepreview.png)
Given higher home prices here in Greater Boston, that could amount to $6,000 in savings a year for a homeowner with a $400,000 mortgage - nothing to sneeze at. The savings could prove substantial, with $3,000 in savings each year on a $200,000 mortgage that is refinanced from 6 percent down to 4.5 percent, according to this explanatory piece put out by the Associated Press. Analysts at Barclays Capital, however, estimated that between 1.9 million and 3.1 million homeowners could be eligible for help.īut underwater homeowners, as long as they have made all their mortgage payments on time in the past six months and meet a few other basic criteria, such as being gainfully employed, would be eligible for a new refinance product just rolled out by the Obama Administration.Īccording to Scott Van Voorhis at, an estimated 230,000 homeowners across Massachusetts are underwater on their mortgages, owing an average of $120,000 more than what their properties are actually worth now. The FHFA said the changes could at least double the number of homeowners enrolled.
#Obama hasp program mac
The refinancing program is open to homeowners whose mortgages are owned or guaranteed by Fannie Mae (FNMA) or Freddie Mac (FMCC), the two government-controlled mortgage giants whose rescue three years ago has cost taxpayers $141 billion to date. So far, only 894,000 borrowers have used it, of which just 70,000 are significantly underwater. Regulators are revamping a program rolled out in 2009, the Home Affordable Refinance Program, or HARP, which lets borrowers with homes whose values have dropped to refinance. Homeowners who have not been able to refinance because they are “underwater” - their loans are more than the value of their home due to depressed real estate values - are being thrown a lifeline by the Obama Administration’s latest housing market rescue plan, announced yesterday.
![obama hasp program obama hasp program](https://citycreekmortgage.com/wp-content/uploads/2015/06/ccmc_logo_white.png)
Home Affordable Refinance Program (HARP) Revamped