Riverside, CA (PRWEB) December 06, 2011
In response to recent enhancements to the federal Property Reasonably priced Refinance System (HARP), Springboard Nonprofit Consumer Credit Management, Inc. (Springboard) is advising home owners that confidential, 24-hour on-line assistance is available to borrowers wanting to decide if they meet the certain criteria to refinance their underwater home mortgage at todays low prices. Springboards Mortgage Assistance Advisor(SM) is accessible by means of HomeOwnership.org, the agencys web portal that gives shoppers with the most current info on homeowner help programs, which includes refinance and loan modification choices. HomeOwnership.org is a trusted resource for customers nationwide. The Mortgage Assistance Advisor(SM) is a virtual tool that may possibly be accessed 24-hours a day, 7 days a week. This service is provided by Springboard a HUD authorized housing counseling agency that has been assisting men and women because 1974. Springboard has helped virtually 250,000 property owners considering that the monetary crisis started in 2007.

We know that distressed home owners frequently dont know exactly where to turn for the most recent information on mortgage payment relief, mentioned Aaron Horvath, president of HomeOwnership.org, a division of Springboard. The Mortgage Assistance Advisor is an simple-to-use online service that will guide property owners to attainable choices and solutions for them, said Horvath.

First, either the Federal National Mortgage Association (Fannie Mae) or the Federal House Loan Mortgage Corporation (Freddie Mac) must own the loan. Eligible homeowners can refinance at todays low rates, even if they are severely underwater. The revitalized system attributes some current enhancements designed to revive the plan and aid underwater mortgage owners take benefit of todays low mortgage prices to reduced their monthly payments.

New plan enhancements address several other important aspects of HARP including:

The plan previously only permitted the residence to be underwater by 125 percent loan-to-value. That loan-to-value cap has been lifted enabling much more home owners to be eligible
You need to be current on mortgage payments in the previous six months. You cant have a lot more than one late payment in the past year. Previously, the program didnt enable any lates in the previous year
Eliminating particular danger-primarily based charges for borrowers who refinance eligible mortgages into shorter-term mortgages and lowering charges for other borrowers
Eliminates the want for new house appraisals exactly where there is a reliable automated valuation model estimate offered Fannie Mae and Freddie Mac and
Extends the date for HARP until Dec. 31, 2013 for loans initially sold to Freddie Mae and Freddie Mac on or prior to Might 31, 2009.

Home owners are encouraged to pay a visit to http://www.HomeOwnership.org to uncover out the most current info on home preservation and foreclosure prevention, including recent enhancements to the HARP program. The Mortgage Help Advisor(SM) is easy to use. As soon as the homeowner completes a short questionnaire, the Mortgage Help Advisor(SM) will give a list of possible plan options. The homeowner will also have the alternative of speaking directly with a Springboard monetary counselor who will answer any question related to distinct mortgage relief programs. The counselor will be capable to use the information from HomeOwnership.org to navigate and discuss the different alternatives offered to the homeowner. If require be, the counselor will engage in a conference call with the homeowner and the mortgage servicer to begin the function-out procedure.

Right here is how it works:

Step 1: Go to http://www.HomeOwnership.org and click Mortgage Help Advisor(SM)
Step 2: Answer simple questionnaire
Step 3: Mortgage Help Advisor (SM) gives list of possible system solutions
Step four: Complete on the web Mortgage Help Profile
Step five: Speak with a certified mortgage counselor

There is no charge to speak with a counselor or to access the on the web Mortgage Assistance Advisor, stated Horvath. This is an enhanced level of service and help that have been pleased to offer home owners.

If you not only have an underwater mortgage but also have missed payments, you may possibly qualify for HAMP, the federal Home Inexpensive Modification Program available through mortgage lenders.

Springboard encourages troubled property owners who have missed any mortgage payments or are about to, to function with a HUD-authorized housing counseling agency. Springboards economic counselors are available to assist property owners assess their situations, recognize options and aid prepare them to perform with their mortgage firm.

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