(PRWEB) February 15, 2013
The Real Estate Marketing Insider came out in strong support of HARP (the Home Affordable Refinance Program), a government assistance program designed to help struggling homeowners lower their monthly mortgage payments. REMI made this announcement of support in the wake of a news release in The Hour that the federal government has extended HARP through December 31 of this year.
The Home Affordable Refinance Program is a government program that allows homeowners to refinance their homes through government-issued refinancing in the event that the value of their property declines. The eligibility requirements are strict: the mortgage in question must be owned or guaranteed by Fannie Mae or Freddie Mac, be greater than 80 percent of the property’s value, and the owners must have been current on their mortgage payments for one year. Nonetheless, especially in the wake of the housing crisis, this program has helped millions of Americans avoid foreclosure or short sale on their homes due to value declines.
While American homeowners are now generally at lesser risk of going underwater on their mortgage than in 2008, foreclosures and underwater mortgages are still a problem. The Insider recommends homeowners to take a closer look at HARP, and not hesitate to take advantage of it if needed. Realtors and realty firms should also be aware of HARP, since past clients who stay afloat using HARP will reflect better on a real estate firm than clients who have to foreclose on their properties. REMI believes that the best real estate websites and agents will always help current homeowners protect their investment. If the real estate community works together to keep the market healthy and free of defaults, everyone, from buyers to investors, will benefit.
The Real Estate Market Insider issued its strong support of the newly-extended Home Affordable Refinance Program (HARP). REMI recommended that home buyers who are having trouble meeting their mortgage obligations look closely at HARP as an option. The Insider also advises realtors to be ready to guide homeowners on its possible utility.
About the Real Estate Marketing Insider:
The Real Estate Marketing Insider is an online real estate publication that provides market analysis, breaking news, and investment advice to real estate clients and professionals alike.