Some banks and lenders are swamped with so many refinancing requests that they cannot offer assistance to homeowners that are struggling.
Phoenix, Arizona (PRWEB) May 05, 2012
HARP 2.0 is the newly updated Obama Administration program enabled to help homeowners with underwater mortgages avoid foreclosure by refinancing. Home Affordable Refinance Program Specialist, Steve Hays, has launched 2 brand new websites to assist homeowners with qualification procedures for the revamped government HARP program. The launched websites, http://www.IsMyLoanFannieMae.com and http://www.IsMyLoanFreddieMac.com, seek to educate homeowners on how to qualify for the strict requirements of the HARP 2.0 program. As mortgage assets are bought and sold on Wall Street, one of the most difficult pieces of information to obtain is determining the actual mortgage lender of a mortgage. These new websites are designed to help homeowners define the actual mortgage lender of their underwater mortgage in an effort to utilize home loan refinancing.
The original HARP or Home Affordable Refinance Program was one of the first acts of defense initiated by the Obama Administration. The role of government in foreclosure assistance programs had been virtually silent until 2009. The initial program helped many homeowners to find ways to lower monthly mortgage payments through refinancing, but the program was poorly staffed to handle the large demand of struggling homeowners. The recent act signed by President Obama has cleared the federal blockade and the newly titled HARP 2.0 program was introduced in December of 2011. “There are nearly double the amount of homeowners facing foreclosure today compared with 3 years ago,” said Steve Hays, Owner of IsMyLoanFannieMae.com and IsMyLoanFreddieMac.com. “Some banks and lenders are swamped with so many refinancing requests that they cannot offer assistance to homeowners that are struggling,” added Hays.
One feature that is brand new to the program is the elimination of a high FICO score. Homeowners that have damaged credit typically have lower FICO scores making eligibility for assistance programs more difficult. Under the terms of the original Home Affordable Refinance Program, it was recommended that homeowners have a FICO score 620 or higher to be eligible for assistance. The elimination of the FICO score requirement could help more homeowners qualify that have Fannie Mae or Freddie Mac backed mortgages. The new program does not hike the rate of interest for refinanced loans. The rates are comparable to what a person with good credit would receive when applying for a refinanced mortgage through Fannie Mae or Freddie Mac. These benefits and others are available to homeowners that can determine their actual mortgage backed lender and qualify separately for the HARP 2.0 program.
About IsMyLoanFannieMae.com and IsMyLoanFreddieMac.com
Home Affordable Refinance Specialist, Steve Hays, started each of these helpful public websites in the first quarter of 2012 as a direct response to the new HARP 2.0 program. Steve has dedicated his life for the past 20 years helping homeowners refinance their existing mortgages. By distributing accurate information and educational assistance programs to homeowners through his websites, more people that are struggling in the U.S. have access to these resourceful websites to use as one more tool to possibly avoid going through the foreclosure process.