Consolidated Credit Welcomes the HARP and HAMP Extension
Fort Lauderdale, Florida (PRWEB) May 21, 2015 -- The Home Affordable Refinance Program (HARP) and the Home Affordable Modification Program (HAMP) have been extended through 2016.
HARP, is a federal program of the United States. It was created by the Federal Housing Finance Agency in March 2009. It assists homeowners who are underwater or close to underwater to refinance their mortgages. Its main objective is getting them a new, more affordable and secure mortgage.
HAMP is intended exclusively to assist homeowners who are under financial hardship. The HAMP program modifies their loan to make their monthly mortgage payment no more than 31% of their gross (pre-tax) monthly income. Homeowners eligible for this adjustment have their original terms of their mortgage changed on a permanent basis.
FHFA estimates that over 81,000 Florida homeowners are eligible to refinance to a lower rate under the HARP program.
Maria Gaitan, the Housing Counseling Manager at Consolidated Credit, expressed joy at the announcement. “We are heartened by the Federal Housing Finance Agency’s (FHFA) decision to extend the Home Affordable Refinance Program (HARP) and the Home Affordable Modification Program (HAMP),” said Gaitan.
“These programs are already helping tens of thousands of Florida homeowners to save tens of millions of dollars monthly on their mortgages. Extending these programs through the end of 2016 will provide our organization with an important opportunity to help many more borrowers overcome the challenges they are facing in affording their mortgages and retaining ownership of their homes.”
Consolidated Credit is approved by the U.S. Department of Housing and Urban Development (HUD) to provide housing counseling. Our certified housing counselors have the knowledge, experience and the training you need to be successful. If you have questions or need assistance, call Consolidated Credit today at call 800-435-2261 to speak with a certified housing counselor
About: Consolidated Credit, founded in 1993, is one of the nation's largest credit counseling organizations in the country and has helped over 5 million people with financial issues. Their mission is to assist families in ending financial crisis and solving money management problems through education and professional counseling.
April Lewis-Parks, Consolidated Credit, http://www.ConsolidatedCredit.org, +1 (954) 377-9344, [email protected]
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