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Breaking News!!!!
The new updated Home Affordable Refinance Program, HARP 2, is anticipated to help Florida & Tennessee homeowners who are struggling or upside down on their mortgage.
Big changes are coming to the original HARP Refinance Program that include no loan to value restrictions, primary – second home – or investment properties qualify, and income does not need to be verified… in fact you may not even need to be employed which may be what the banks need in order to get on board. Get a Harp Quote here
There are currently tens of thousands of mortgage home loans that are upside down (the borrower owes more on their home loan than their property will appraise for). I know how hard this is for a home owner. In fact, I wrote a book about my experiences (Upside Down How We Survived 7 Short Sales) with being upside down. It was not easy, a complete nightmare is the only way I can describe it. You can read a preview of my book here.
My experience has challenged me to help as many home owners as I can. The HARP 2 program will no doubt help me in my endeavor. According to CoreLogic, most of these borrowers have been making their mortgage payments on time and would potentially qualify for the HARP 2 loan program under the new guidelines.
Who Qualifies For Home Approval Refinance Program (HARP) in Florida & Tennessee?
The HARP Refinance is mainly targeted at rewarding homeowners who have been making their payments on time, but can’t qualify for traditional refinancing due to their high loan to value.
The new HARP 2 Program qualifying guidelines include:
- Loan is backed by Fannie or Freddie [click here to check your loan]
- Your current mortgage loan closed on or before May 31, 2009
- You must be paid on-time for the prior 6 months
- You must be paid on time for 11 of the last 12 months
There are so many benefits to refinancing and shaving $300 – $1500 off of your monthly mortgage payment. Think of what the extra dollars in your pocket every month can mean to you…. Get a Harp Quote here
What is Your Home to You????
Does your home have memories of your children, good times, is the school zone a good one? Do you have family nearby, is your home more than this??? The list can go on and on why home owners choose to live in a house that is upside down. However, if you are not strongly attached to your home or you have not been able to make your payments on time, it may be a better idea to consider a short sale now in order to give your credit enough time to heal before property values go back up.
For more information about your short sale options, Email me for an expert in your neighborhood Gregg@GreggLoans.com.
I also strongly recommend that all homeowners speak with a financial planner, CPA and Attorney that specializes in Short Sales or Foreclosure law in order to protect the themselves from spending the rest of their lives paying back a deficiency judgment.
Don’t Miss Your Chance to Get Started Early!!!
Early March is the beginning of when applications for HARP Refinances can begin to be processed….but the numbers of packages are already stacking up. Don’t wait to start. Now is the best time to avoid any delays due to high volume.
Your best option is to get everything ready now to avoid the volume delay I expect. Get a Harp Quote here
If you are underwater on your mortgage, regardless of whether or not you think you qualify for any of the available options, give me a call at 423-232-0111. Let me schedule a meeting by phone or in the office so we can determine what program is best to meets your needs.
All inquiries are confidential.
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