Borrowers may secure guaranteed housing relief by qualifying for the HARP 2.0 mortgage refinance loan program. The revised schedule, which is a complete revamp of the home affordable refinance plan of 2009, has totally relaxed eligibility guidelines that will make it much easier for probable applicants to qualify.
Madison, WI -- (SBWIRE) -- 11/16/2012 -- The HARP 2.0 mortgage refinance loan program is expected to provide housing financial relief to homeowners who are still deeply underwater on their mortgages. The plan, which is a complete revamp of the erstwhile HARP of 2009, has a relaxed set of qualification criteria to make this possible. Borrowers, who owe significantly more on their homes than their current market worth, can refinance at lower interest rates and flexible terms even if there is no equity left in their houses. But in order to qualify for the revised HARP schedule, one must first gather some information regarding what lenders basically look for to grant an early approval. Once a borrower is aware of the basic requirements demanded by mortgage servicers, his chances of obtaining an approval for the HARP 2.0 will get enhanced. Here is some vital information about the same.
Homeowners who may be thinking of applying for the HARP 2.0 mortgage refinance loan program must first make sure that their existing mortgages are either owned or guaranteed by Fannie Mae or Freddie Mac. Besides, only those mortgage loans which have been sold to these agencies on or before May 31, 2009 could qualify for refinancing with the HARP 2.0 plan. An additional condition requires probable applicants to be current on their monthly mortgage payments for the past 6 months. Under HARP 2.0 qualification rules and regulations, only one payment default during the last 1 year exceeding 30 days is permitted. Nevertheless, to improve chances of getting an early approval, homeowner must have documented his financial hardships properly. To that effect, borrowers have to draft a letter that specifies the reasons which led to hardships.
Persons Who Need The HARP 2.0 Mortgage Refinance Loan Program Request More Information On Loan Qualification By Visiting Obama-LoanModifications.com
It is needless to say that borrowers, who are eligible for a mortgage refinance HARP 2.0 loan, could get access to the lowest interest rates in mortgage industry. This way they may get enabled to greatly reduce their monthly mortgage installments and save thousands of dollars over the long run. Remember, at present, rates of interests being offered on refinance home loans could be at historic lows and therefore, this may be the best time to consider refinancing homes. Even specialist help is easily available online these days and one could always use it to his advantage. On the internet, borrowers could locate few firms which provide online assistance to guide probable applicants in navigating through the HARP process with ease. Such agencies have experts who are well versed with the updated HARP processes but ensure that the service is reputed.
Obama-loanmodification is a leading mortgage service provider in the United States which has been in business for over seven years. Till date, the firm has helped tens of thousands of borrowers in getting educated for finding affordable mortgage interest rates and hence, significantly reduced monthly payments. Consumers, who are interested in knowing more about low rate home refinancing, can visit their website at http://www.obama-loanmodifications.com/harp-2.0.php
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