Tag Archives: HARP

Mr. HARP Looks Poised to Turn out to be a Household Name Amongst Home owners Hunting To Refinance

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Burlingame, CA (PRWEB) March 22, 2012

With so several houses across the nation continuing to shed value, the government remains steadfast in its objective to make it less complicated for property owners to refinance. The HARP (House Reasonably priced Refinance Plan) plan, revised in October 2011 by the Obama administration, removed many of the harsh stipulations that caused the original HARP plan to be vastly ineffective. With the influx of certified property owners below the new HARP program (HARP 2.), the self-titled Mr. HARP is here to support underwater property owners (starting in California) finance their homes at a reduce rate.

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So who is Mr. HARP? Mike Chiu has been a top award winning producer for 20 years in the mortgage lending industry. While several in the business have come and gone, he remains as committed as ever to doing the right factor. As Senior Vice President of BayCal Monetary, he is accountable for overseeing one of the largest mortgage brokerages in the San Francisco Bay Area. Due to the fact of this experience and the energy of BayCals 200+ agents, he feels confident that he can get property owners the lowest rate feasible with the HARP mortgage plan.

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The satisfaction for me is the response I get when I tell individuals how considerably income I can save them on their month-to-month mortgage payments, says Chiu. Thats what makes me really feel very good about what I do.

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The ease of the HARP two. system need to appeal to all homeowners. With the reduction in HARP program recommendations of the Loan To Value (LTV) limits, the elimination of the property appraisal and underwriting procedure, and the modification of fees associated with refinancing, most of the heavy work has been taken care of. Homeowners are not even required to make contact with the original lender of their present mortgage they can contact any mortgage brokerage or agent that they need.

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How do home owners commence the process of refinancing their residence employing the HARP system? Home owners can go to http://www.mrharp.com to check their eligibility for the HARP refinance plan using the eligibility calculator to see if they qualify. Or they can basically call or e-mail Mike. After that, Mr. HARP will take care of the rest.

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My business is all about client satisfaction and developing long-term relationships, says Chiu. Due to the fact at the finish of the day, its all about earning the trust of the client.

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Lender Mr. HARP Concerned California Home owners Arent Conscious of Low Refinance Prices for Their Mortgage

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Burlingame, CA (PRWEB) April 26, 2012

A record quantity of people with distressed homes are eligible to refinance under the HARP 2. program. This bodes nicely for homeowners hunting to decrease their rates and reduced the month-to-month mortgage payments. The only difficulty? No 1 appears to know it.

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An informal survey regarding the HARP two. program and its purpose has yielded a rather staggering response: What the heck is HARP two.?

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“Our greatest situation right now is that the possible beneficiaries of this program have no idea that the system exists,” says Mike Chiu, a San Francisco Bay Location mortgage broker.

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According to Chiu, the less stringent stipulations of the HARP two. plan have yielded a quite higher quantity of loan modifications hence far. Those home owners with high LTVs (Loan-to-Value) and much less than stellar credit scores have been in a position to successfully refinance their homes. His perform on the system as a result far has his colleagues referring to him as Mr. HARP for assisting these distressed underwater people.

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“After individuals see the decrease rates, they do not require to be convinced to utilize the plan,” says Chiu.

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There are several approaches to get info and use the system, but some can get property owners greater prices than other people. 1 typical misconception is that property owners should use their current lender to take benefit of the HARP plan. This is not correct, and can in fact leave home owners paying larger rates than necessary.

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“Banks and lenders have the ability to make contact with their clients straight,” says Chiu. “Nonetheless, it would be very sensible to shop about for the very best rates. A lender like me, who has no overlays, can a lot more frequently than not get home owners decrease prices and/or smaller sized closing fees.”

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Yet another issue that property owners should maintain in thoughts is that being declined by the bank does not mean they will not be capable to locate someone who can aid them in refinancing. Given that a lot of banks have to deal with overlays, they at times turn down individuals who qualify for the system. This must not deter property owners from seeking second or third opinions from other brokers and lenders, like Mike Chiu.

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I have experienced several situations therefore far where the bank or other institutions have turned down someone who I was in the end in a position to help successfully refinance, says Chiu. I encourage these men and women, along with anyone else interested in the HARP program, to get in touch with me to see if I can support.

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To get a no obligation quote or take benefit of the system, homeowners can speak to Mike Chiu directly at mike(at)mrharp(dot)com or call him at (855) MR-HARP1. He is at the moment specializing in assisting all California homeowners refinance their properties employing the HARP 2. program.

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California HARP Mortgage Lenders Continue to Lead the Nation in HARP Loans as the Housing Market place Heats Up

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Los Angeles, California (PRWEB) June 06, 2013

Harp Mortgage Lender, a national lending network of mortgage pros approved to work with the Obama Administrations Residence Reasonably priced Refinance Plan (HARP), reports that current data from the Federal Housing Finance Agency (FHFA) sees California as the No. 1 user of HARP loans in the country via early 2013, a trend that has been occurring all through the programs four-year history, and 1 that continues to spell savings of over $ 4,300 a month on average for the HARP-eager borrowers of the Golden State, who have been steadily utilizing a lot more and much more loans as the housing market continues to heat up.

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In the FHFAs Refinance Report published May 7, California HARP borrowers utilized 14,204 HARP loans for the most current month on record, February of 2013. This was up 27 loans from Januarys total of 14,177, and up a whopping two,990 loans from 11,214 in the final month of 2012all signs that there is only rising demand for a system that had as many loans in 2012 nationwide (1.1 million) as it did in its initial three years prior to that combined. A reason for this boost is undoubtedly the revisions to HARP in late 2011 that produced the program much more accessible to deeply underwater borrowers, not to mention the recent housing rebound that is seeing median property sales values spiking in 2013 from San Diego up to San Francisco, giving underwater borrowers significantly much more of an incentive to hang on to residences which have grow to be increasingly useful assets.

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CLICK Here to verify HARP loan eligibility.

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In reality, the most current data from analytics company RealtyTrac sees the median sales value for properties in L.A. up 14.7 from a year ago, up 19 percent in San Diego, and up a California metro-major 30.four percent in Bakersfield from the previous year. What this data implies for underwater borrowers is that its a wonderful time to get locked into the low California HARP rates ahead of they rise alongside the prospering California housing market. It also indicates that Californians are beginning to see homes as a profitable investment again, which could clarify why RealtyTrac sees foreclosure filings down 59 % year-over-year.

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Combine these stats with the current prediction by Fannie Mae that California HARP refinancers are saving far more than $ four,300 a year on their mortgages, and its clear why tens of thousands of Californians are turning to the program every month. A single could argue that HARP loans are a lot more useful than ever just before to California borrowers trying to keep away from a foreclosure or brief sale, says Alameda, California Mortgage Professional Garrick Werdmuller at Very first Priority Economic. Positive, $ four,300 a year is a nice chunk of modify, but that quantity could really pale in comparison to the return borrowers who use HARP to stick with their mortgage could reap numerous years from now if the housing market place continues to gain worth at this price.

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CLICK Here to apply for a HARP loan

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About HARP

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The Property Affordable Refinance Plan was amended in October of 2011 via an agreement amongst the Federal Housing Finance Agency (FHFA), Fannie Mae, and Freddie Mac, which simplified the accessibility of the plan for borrowers searching to refinance by way of mortgage lenders.

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A main goal of the Home Reasonably priced Refinance Program (HARP) is to help accountable borrowers with the method of streamline refinancing. Eligible borrowers who are current with mortgage payments but have noticed their property lose worth are given the selection of HARP refinancing.

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HARP two. eligibility suggestions:

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1) Fannie Mae or Freddie Mac owns or has guaranteed very first loan.&#13

2) Fannie or Freddie purchased the loan prior to Might 31, 2009.&#13

three) Borrowers must be current with mortgage payments.&#13

4) Borrowers owe more than their house is worth, or there is minimal equity.&#13

five) All mortgage payments have been prompt in the previous six months.&#13

Wisconsin HARP Lender Reports an Improve in Refinances for Underwater Borrowers Compared to the State’s Foreclosures

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Madison, Wisconsin (PRWEB) November 14, 2012

Peoples Property Equity, Inc., a Wisconsin HARP Lender, reports that government’s Property Reasonably priced Refinance Plan (HARP) is gaining momentum and showing a optimistic trend in helping underwater home owners by providing them an alternative to foreclosure.

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According to the most current refinance report by the Federal Housing Finance Agency (FHFA), 11,357 HARP refinances were completed in Wisconsin YTD, and two,163 had been for homeowners who owed far more than 105% on their mortgage compared to their home’s value.

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When compared to a current foreclosure report by CoreLogic, a major provider of information, analytics and enterprise services, the total number of foreclosures in Wisconsin from September 2011 to 2012 is 12,752.

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The 2012 FHFA Refinance Report numbers indicate that prior to the HARP 2. updates rolling out in October 2011, several thousand borrowers who refinanced beneath the HARP System could not have had a good alternative to enhancing their economic situation.

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Increasingly enhancing marketplace conditions and sector and government policy are permitting distressed homeowners to pursue refinancing, loan modifications or brief sales rather than foreclosures,” said Anand Nallathambi, president and CEO of CoreLogic.

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Reduce mortgage payments by way of refinancing can assist underwater borrowers take benefit of record-low interest rates and extend repayment timelines.

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CLICK Here to check HARP eligibility

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John (JR) Katrichis, Branch Manager with Peoples Residence Equity, Inc., believes HARP two. is failing property owners since it isn’t reaching enough certified borrowers and most lenders are taking also long to concern approvals.

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Even though HARP revisions have made a positive effect on Wisconsin’s housing industry, Katrichis insists that even more borrowers need to be eligible to participate in HARP refinancing in order for the program to make a substantial effect on the foreclosure crisis.

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“The government can improve on HARP two. by expanding it to non-agency lenders and removing the Might 31, 2009 origination qualifier,” he mentioned. Other than failure to meet HARP suggestions, Katrichis mentioned that low credit scores are a key obstacle preventing underwater homeowners from taking full benefit of the new federal recommendations for refinancing eligibility.

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Thanks to the new HARP Refinance guidelines, Katrichis has been able to assist even more borrowers steer clear of what they believed was imminent, unavoidable foreclosure. About 75% of my company comes from home owners who have loan-to-value ratios above 125%, he stated. Ive even helped a homeowner with an LTV of 155% effectively take advantage of HARP advantages, he added.

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Unlike the competition, People’s Property Equity, Inc. offers underwater homeowners expedited service that permits them to save time on the refinancing process from start off to finish. “Our underwriters are correct right here in the very same building, so we can get loans authorized and closed faster than other lending companies,” Katrichis said.

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HARP two. Overview

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In fall 2011, The Federal Housing Finance Agency worked with the GSEs to increase access to HARP rewards for responsible borrowers. As a outcome, the following HARP revisions have been created to assist more underwater property owners:

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1) Eliminating specific danger-based costs for borrowers who refinance into shorter-term mortgages and lowering fees for other borrowers

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two) Removing the 125 percent LTV ceiling

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3) Waiving specific representations and warranties that lenders commit to in creating loans owned or guaranteed by Fannie Mae and Freddie Mac

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4) Eliminating the require for a new house appraisal where there is a reputable AVM (automated valuation model) estimate supplied by the Enterprises

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five) Extending the end date for HARP till Dec. 31, 2013 for loans initially sold to the Enterprises on or ahead of May possibly 31, 2009.

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CLICK Right here for a Fannie Mae and Freddie Mac loan lookup tool

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Fannie Mae on HARP Mortgage Rates and Refinances

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Housingwire reported that Fannie Mae is optimistic that low mortgage prices and Federal mortgage-backed securities purchases will entice buyers to take benefit of low interest rates.

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Fannie Mae also recommended that low mortgage prices will usher in a wave of refinancing activity, and the GSE predicts that total refinance originations will enhance by 20% this year. Katrichis expects interest prices to remain steady in the next three to six months. “The housing sector is the cornerstone of the economy, but sales continue to outpace equity positions in improvements,” he stated.

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About Peoples Residence Equity, Inc.

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Peoples Property Equity, Inc has emerged as a leader in helping underwater borrowers take benefit of updated House Cost-effective Refinance Program (HARP) guidelines by providing efficient refinancing approval and trusted guidance to property owners impacted by the housing crisis.

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Contact JR. Katrichis at (888) 574-6143 or on the web at http://wisconsin.harpmortgagelender.com/ for much more info about HARP loans in Wisconsin NMLS ID: 208096

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Arizona Department of Housing Hires Loan Worth Group to Help Facilitate HARP Applications for Eligible Arizona Homeowners

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Rumson, NJ (PRWEB) December 05, 2012

Loan Worth Group, LLC (LVG) today announced that it has been hired by the Arizona Department of Housing (ADOH) to help promote and facilitate the application and approval process for a portion of Arizona home owners who may be eligible to get advantages under the terms of the Property Affordable Refinance Plan (HARP) 2. Principal Reduction Help Element of the Save Our House AZ Program.

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The Save Our Home AZ (SOHAZ) Plan was established by the Arizona Department of Housing in 2010 to supply assistance to homeowners who may possibly face foreclosure. SOHAZ offers help in the form of mortgage modifications, principal reduction, mortgage payment relief, quick sale help and second lien elimination.

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Below the terms of the agreement, which is designed to maximize the number of completed applications for HARP 2. help at no price to the customer, LVG will undertake a statewide education and outreach campaign with designated Arizona homeowners who could qualify for the HARP two. Assistance Program. Additionally, LVG will act as a facilitator for home owners whose applications are authorized by ADOH by working with participating lenders. LVG Managing Partner Frank Pallotta said, We comprehend that the method of applying for, and in the end finishing, a HARP can occasionally be difficult and time consuming. We are pleased to be functioning with the Arizona Division of Housings ongoing Save Our Property AZ Program, with the ultimate objective of helping Arizona home owners get significantly needed assistance in these difficult financial times.

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About Loan Value Group&#13

Founded in 2008, Loan Value Group, LLC is a huge scale, turn-key provider of private label, residential mortgage incentive methods that have a constructive and lasting effect of customer payment behavior. LVGs incentive programs and operation platform are made to help realign the long-term interests of homeowners, residential mortgage danger owners, State and Neighborhood Municipalities and mortgage servicers to the benefit of all. Based in Rumson, New Jersey, LVG is the creator and exclusive provider of the Responsible Homeowner Reward

Ohio HARP Mortgage Lender Sees Rising Trend of Borrowers Saving Huge Via Revamped Refinancing Program

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Columbus, OH (PRWEB) March 25, 2013

Equity Sources, Inc., an Ohio HARP mortgage lender, reports that 2012 was a landmark year for the Obama administrations Residence Reasonably priced Refinance Program (HARP). Modifications in late 2011 created the program more accessible to each lenders and borrowers attempting to fight back against recession-induced mortgage-worth declines, resulting in skyrocketing numbers of HARP-assisted and HARP-eligible borrowers. A recent USA These days article marks the quantity of HARP borrowers in 2012 at a lot more than 1.1 million, an increase by more than twofold from the earlier year. And Ohio just occurred to be among the states that saw the greatest economic rebound in terms of refinancing achievement.

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In the most recent HARP Refinance Report by the Federal Housing Finance Agency (FHFA), which covers all activity in 2012, Ohio HARP loans elevated by two,078 in December from the prior month to a total of 34,332 for the calendar year. Nationally, this put Ohio in the best ten of HARP loans per state in 2012.

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Also on a nationwide scale, there have been 1,074,754 refinances for Fannie Mae and Freddie Mac loans in 2012. The majority of these, 640,460 to be precise, came for Fannie Mae loans, which is what Equity Sources deals in.

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In related news for underwater borrowers in Ohio, data and analytics business CoreLogic released a mid-January study that reports a total of 633,211 properties with or close to negative equity out of a total of two,152,771 mortgages in the state. This signifies that with a lot more than 25 percent of Ohio refinance borrowers at or near unfavorable equity, there are a lot of people in the Buckeye state who could benefit from the enormous relief becoming presented by HARP.

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Click Here to see if you are eligible for the HARP plan.

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Homeowner awareness is the most significant obstacle, says Equity Sources President Ed Rizor. Some organizations do not use the HARP program. Homeowners get turned down for a low industry value and dont know they qualify for the HARP plan. We take the time to listen and speak to the homeowner and explain the HARP system and the positive aspects.

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An unawareness of the value of HARP is a important explanation why several eligible borrowers arent cashing in on enormous savings. Take, for instance, the $ 645 per month that one loved ones is saving by functioning with Rizor and his Ohio HARP lending group. And they arent the only ones cashing in large.

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This trend of using the now-far more-accessible services of HARP need to only continue to develop in 2013 as more underwater borrowers turn into conscious of a service that could save them from demanding mortgage situations. And considering the dramatic good results and improve in popularity of the program in 2012, Rizor and his staff are anticipating a high volume of underwater borrowers in need to have of Ohio HARP lending.

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As for newcomers to the HARP plan, Rizor guarantees that Equity will make the approach as basic as feasible. “Our objective is to offer such a higher level of consumer service that we leave each and every client a raving fan,” Rizor says. “We make the refinance approach swift and easy.”

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About HARP

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The Residence Affordable Refinance Plan was modified in October 2011 following an agreement amongst the Federal Housing Finance Agency (FHFA), Fannie Mae, and Freddie Mac, creating it simpler for mortgage lenders to aid HARP-eligible borrowers with refinancing.

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The Property Affordable Refinance Plan (HARP) is designed to help responsible borrowers with streamline refinancing. This signifies that borrowers who have been up to date with their mortgage payments but have noticed a decline in their property value are given refinancing aid.

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According to the Obama administration, HARP will save home owners $ 250 a month on typical in mortgage payments. The administration also predicts that HARP will assist 4-5 million underwater home owners.

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These are the qualifications borrowers should fit to be eligible for HARP 2.:

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1) Their very first mortgage loan is owned or guaranteed by Fannie Mae or Freddie Mac.&#13

2) The loan was sold to Fannie Mae or Freddie Mac ahead of Might 31, 2009.&#13

3) They have to be present on their mortgage payments.&#13

4) Need to owe more than your home is worth, or is there minimal equity in your home.&#13

5) All mortgage payments made on time in the final six months.&#13

Urging Underwater Property owners To Utilize HARP Extension

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Twin Cities, Minnesota (PRWEB) April 16, 2013

Housing specialist have had eyes on the Federal Housing Finance Agency (FHFA) that manages the Fannie Mae and Freddie Mac applications and their on-going function to support prospective residence buyers obtain a top quality loan, and struggling homeowners to gain a house loan modification. Nowadays the FHFA announced it will extend the Home Cost-effective Refinance Program (HARP) by two years to Dec. 31, 2015.

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“The HARP system extension to 2015 is a promising affirmation of the Fed’s word that it will strive to maintain interest prices low until at least mid-2015. Not only do underwater home owners benefit, banks and servicers have been maximizing the opportunity the HARP system has given them for a refinance boom. Banks prime of the mortgage banking sector, such as Wells Fargo, have produced a sizable profit from promoting loans refinanced below HARP to investors, stated Jenna Thuening, owner of House Destination.

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As of January 2013, HARP had permitted far more than two.two million borrowers to refinance their property loan. The FHFA does not supply any strong numbers as to just how a lot of borrowers it hopes to reach with HARP’s extension. “We are hopeful that a substantial quantity of eligible borrowers will participate in the system going forward,” the press release stated. The FHFA will soon be launching a nationwide campaign to inform consumers of the extension and their options beneath the HARP refinance plan. The program announcement comes in a moment when roughly 10 million home owners owe a lot more than their houses are valued at. The good news is that nationally, and in the increasing Twin Cities, property costs are pulling far more and far more borrowers out from underwater mortgages.

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The typical savings a homeowner gains from a HARP house refinance runs roughly $ 200 a month with an typical rate reduction of 1.75%, which means a $ 2,400 savings per closed property loan per year and $ 74,000 per lifetime (assuming a 30-year mortgage). The possible increase for the U.S. economy carries even higher significance, estimated at up to $ six.five billion ($ two,400 in savings a year per consumer x two.7 million shoppers).

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“An additional exceptional function of HARP is that it is only one of numerous refinancing choices offered to low money home owners to offer you refinancing to property borrowers with tiny to no equity in their residences. Homeowner need to not let past ‘no’s’ discourage them from taking advantage of current low interest rates and other refinancing rewards” urges Jenna.

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Home owners Eligibility For HARP refinance Criteria:&#13

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The residence loan should be owned or assured by Fannie Mae or Freddie Mac&#13

The homeowner’s mortgage should have been sold to Fannie Mae or Freddie Mac on or prior to May possibly 31, 2009&#13

The mortgage cannot have been refinanced below HARP previously unless it is a Fannie Mae home loan that was refinanced beneath HARP from March May possibly, 2009&#13

The existing loan to value (LTV) ratio need to be greater than 80 percent of the home’s value&#13

The applying homeowner must be existing on their monthly property payments with no late mortgage payments in the last six months and no a lot more than 1 late payment in the last 12 months.

“In the past, also a lot of homeowners have discovered the method of applying for a HARP loan refinance cumbersome and confusing, or felt that lender was not communication well with them, believes Thuening. To ease that tension, the FHFA will quickly launch a campaign to give home owners complete details that are clear and easy to adhere to as to how to make use of and qualify for HARP, according to Zillow. The campaign will educate homeowners as to the system specifics, who is eligibility and give underwater homeowners possibilities on how to make use of the plan ahead of it ends.

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Home Destination, a Minneapolis Certified Distressed Property Expert and specialist residential Realtor, helps homeowners figure out if their underwater mortgage can gain a principal reduction and to make a far better informed decisions. We are passionate about assisting Twin City home owners stay in their homes. Call 612-396-7832 and ask Jenna Thuening for support.

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