Mocksville, NC -- (SBWIRE) -- 07/15/2013 -- An underwater mortgage loan can lead to a foreclosure if mortgage payment becomes impracticable, unless the borrower finds a lender refinancing an underwater mortgage within a reasonable plan . The diminished value of a home prevents the homeowner from selling that property, unless there is enough cash to pay the loss out of pocket. It also prevents the homeowner from refinancing under normal conditions, so refinancing assistance is usually obtained through MHA. The ‘never say die’ attitude of a homeowner, reeling under the heaviness of an underwater loan, would definitely go a long way towards preventing a possible foreclosure.
Reduce Monthly Payments By Qualifying For Underwater Mortgage Refinance Now!
The Obama administration has put into place some programs under MHA that are specifically meant to bring what is owed for the home and what is being paid for the home, more in tandem with it’s present valuation. Some of the programs designed to help refinancing an underwater mortgage are Home Affordable Refinance Program (HARP), FHA Refinance for Borrowers in Negative Equity (FHA Short Refinance) and Treasury/FHA Second Lien Program (FHA2LP). To qualify for the the Home Affordable Refinance Program (HARP), homeowners should have been paying their mortgage regularly for the last twelve months. Only then can the problem of not getting a traditional refinancing, owing to diminished value of the home, be solved under HARP. Similarly, there are many criteria that need to be met before qualifying for a program.
The intention behind refinancing an underwater mortgage is to obtain a new, more reasonably priced, more steady mortgage. To apply for a refinance loan, borrowers might have to submit a loan application, be prepared for the underwriting process and pay fees, in accordance with each program. Getting assistance through the MHA program requires homeowners to be prepared. To get the most positive outcome it is essential that time be spent for learning about the options, eligibility and the steps to apply. Learning and becoming familiar with the features of the programs offered, will help one to think what fits an individual situation best. The time spent on this could pay big dividends. To home-in on a correct MHA variant that supports a refinance plan suiting an individual situation, homeowners can take the help of experienced consultants who can guide them towards an easy to follow home loan refinancing program.
To check if one is eligible to qualify for any of the programs specifically meant for refinancing underwater mortgage, for one’s own specific situation, there are websites of leading agencies, like http://www.usloanz.com/ that are available 24x7. It will be convenient to use their services for a hassle free program selection and submission process.