The Home Affordable Refinance Program HARP 2.0 of 2012, Best Option for Underwater Mortgage Holders to Save Their Homes

The HARP 2.0 mortgage plan of 2012 incorporated such valuable ideas and criterions that it truly brought about a shift in the entire refinancing process. Homeowners became more confident about getting their mortgage loans refinanced without any hassles and lenders also became surer about recovering the lent amount to the homeowners.

 
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Madison, WI -- (SBWIRE) -- 10/16/2012 -- The home affordable refinance program as introduced under the making home affordable program created a long lasting effect in the lives of homeowners by letting them re-afford the mortgage loan and pay it off to the lenders. However, when the data of homeowners who have actually benefitted from the original refinance program is considered then it comes to light that this program has been able to solve the troubles of very few homeowners. The reason attributed to this is its strict terms and eligibility criterions which led to several homeowners unable to qualify for the program. Taking this into consideration the Obama administration brought about changes in the original program and introduced the home affordable refinance program 2.0 of 2012.

The Home Affordable Refinance Plan 2.0 eliminated the reason why several homeowners were unable to qualify for the original program. This reason was the loan to value ratio which was fixed in between 80 to 125 percent if the homeowners wanted to qualify. However, in most of the cases the loan to value ratio fell below 50 thus making those homeowners ineligible for the plan. However, with the HARP 2.0 mortgage plan of 2012 these points were completely eliminated and a more flexible attitude adopted so that maximum number of homeowners can benefit. The benefits offered by a harp 2.0refinance loan helped underwater mortgage holders who had lost 80 percent and less of their homes to qualify for the home affordable refinance program harp 2.0 and save their homes from foreclosure. Hence, homeowners need not worry about their loan to value ratio any longer for qualifying for the home affordable refinance plan 2.0 program. Another significant benefit with HARP 2.0 refinance loan is that there will be no requirement of an appraisal for refinancing one’s mortgage loan thus making the process smoother and faster. Similarly, the homeowner will also not have to get his loan underwritten to refinance the original mortgage loan. Both the factors would definitely lead to quick harp 2.0 processing and approval.

Persons Who Need HARP 2.0 Refinance Plan Can Request More Information On Loan Qualification By Visiting Obama-loanmodifications.com.

Other benefits offered by a HARP 2.0 refinance loan is that the risk based fees that were charged in the previous versions of refinance program will not be applicable for the new harp 2.0 program. That means either the harp 2.0 requirements will completely eliminate the risk based fees or modify them for the benefit of the homeowners. The deadline set for getting the harp 2.0 program has been extended to 31st December, 2013. This date extension will help more number of homeowners get access to the new home affordable refinance program harp 2.0. To know about this program online site like Obama-loanmodifications.com can prove to be extremely beneficial.

About OLM
OLM is engaged into the business of helping people to get approved for Mortgage Refinance Programs Announced By US Government Like HARP 2.0, HAMP Tier 2 Loan Modification, Obama Housing Plan, Obama Mortgage Relief Plan as it has a network of nation’s top Mortgage companies that offer competitive Quotes and Help On Mortgage Refinance.