Avoid Foreclosure With Obama’s Affordable Home Refinance Program
Upside down on your home loan? Are you making your payments on time? Has an application to refinance your loan been denied? This Home Affordable Refinance Program (HARP) could help you avoid foreclosure. HARP is expected to save the lives of 4 to 5 million homeowner families.
Obama and his socialist cronies seek to buy your vote by putting you and your children in debt with this expensive new program. Every time the government wants to help me, I have to ask myself how much that help is going to cost me. However, if you’re in the market to avoid foreclosure with government help, this may be for you. If you qualify, you may be lucky to avoid foreclosure this way.
* FNMA or FHLMC must own or insure the mortgage
* owner occupied property
* all mortgage payments must be current
* only transaction costs can be incorporated into the new loan amount, i.e. no cash withdrawal is allowed
* the new mortgage cannot exceed 105% of the current market value of the property; lines of credit and other mortgage loans in excess of 105% may be subordinated if the lien holder agrees
You can call these numbers for more information and to see if you might qualify for this assistance.
Fanniemae,
1-800-7FANNIE (8 am to 8 pm EST). [email protected]
freddy mac
1-800-FREDDIE (8 am to 8 pm EST) www.freddiemac.com/avoidforeclosure
Some questions you haven’t addressed because of the advertised ratings:
* Can title liens, such as IRS liens, be incorporated into the new loan?
* Will PMI be required if an owner does not have it now?
* Can an escrow account be converted to a new loan if it doesn’t exist now?
* Can a second mortgage or line of credit be included in the new mortgage?
* Will homeowners whose primary residences are upside down by more than 105% be allowed?
If you are making your payments now, lowering your interest rate and payment will only decrease the chances that you will default on your mortgage. However, if you’re waiting for interest rates to drop again, you may be waiting a long time. If you feel like you’re in some kind of trouble, it’s in your best interest to take action now to avoid the chances of foreclosure in your future. WARNING: Program ends June 2010
