In early 2015, government officials estimated that up to 700,000 homeowners across the United States could benefit from the federal Home Affordable Refinance Program (HARP). Since 2009, HARP has helped millions of American mortgage borrowers stay in their homes by legally avoiding foreclosure with a sensible refinance program.
HARP is one of various home finance programs we offer to our clients. This program is specially designed for homeowners who have been turned down by other banks and mortgage brokers because they are “underwater,” which means that the market value of their properties has lowered below their outstanding mortgage balances.
In essence, HARP is a refinancing transaction that can be applied to mortgages that were guaranteed by Fannie Mae or Freddie Mac before May 31, 2009. Compared to other states, HARP has not been very popular in New York, and this is because not many mortgage lenders or brokers offer this specific program.
Our mortgage firm is ready to help homeowners in New York to keep their homes and lower their monthly payments through HARP. The key to taking advantage of HARP is to start the application process early. Some homeowners who are underwater often lose hope because they are too deep; to this effect, it is important to note that there is no loan-to-value (LTV) limit under the current guidelines as long as a fixed rate mortgage is being obtained.
With lower interest rates forecast for the rest of 2015, the time to apply for HARP is now. In general, only those borrowers who have managed to stay current with their mortgage payments are eligible for HARP, but we can also help New York homeowners who have missed a couple of payments. If you have fallen behind on your payments, we may be able to help you through the federal Home Affordable Modification Program (HAMP).