HARP Refinance Curbing Foreclosures for Underwater Homeowners in Kansas

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HARP Mortgage Lender reports the HARP Refinance Program has been successful for underwater homeowners in Kansas seeking to refinance and save their properties from going into foreclosure or having to short sale.

HARP Refinance Curbing Foreclosures for Underwater Homeowners in Kansas

The HARP Refinance Program has helped 2,296 underwater homeowners lower their mortgage payments in Kansas so far this year.

HARP Mortgage Lender (http://harpmortgagelender.com), a national network of mortgage professionals who are approved for the Home Affordable Refinance Program reports that the number of refinances for underwater borrowers in Kansas is contributing to the decrease in foreclosures.

The Kansas Home Affordable Refinance Program (HARP) was updated in late 2011 through an agreement established by the Obama Administration’s #MyRefi plan between the Federal Housing Finance Agency (FHFA), Fannie Mae and Freddie Mac to help severely underwater homeowners refinance into lower rates or shorter term loans without the obstacle of appraised values or other issues getting in the way of eligibility.

CLICK HERE to see if your loan is eligible for a HARP Refinance.

According to a most recent Refinance Report released by the Federal Housing Finance Agency (FHFA) for July 2013 numbers shows that 355 mortgages were refinanced under the Obama Administration’s Home Affordable Refinance Program.

The Loan-to-Value (LTV) breakdown for Kansas is as follows:

80% - 105% LTV = 317
105% - 125% LTV = 29
Greater than 125% LTV = 9

“This increase in total higher LTV Kansas HARP refinances may be due in part to a small jump in interest rates,” says Mark Madsen, HARPMortgageLender.com CEO. “Many underwater homeowners lost an average of a point in rate by not refinancing earlier when mortgage rates were in the low 3% range.”

The negative equity share for Kansas compiled by CoreLogic (analytics and business services) reported back in June 2013 for the last quarterly report was 6.3 percent out of 318,000 properties on top of that; the aggregated collection of units for homes with near negative equity with a LTV of 105% was only 1.8 percent.

In 2012 the average Loan-to-Value for the state was 67.8% with 8.3% (25,459) homeowners at or near a negative equity position. In comparison to exactly a year ago the average Loan-to-Value in 2013 has dropped to 66.3% with only 6.3% (20,034) homeowners underwater.

Responsible homeowners who chose to continue making their mortgage payments on time and were eligible for the HARP Refinance Plan have already noticed an increase in equity. Very few of the state’s homeowners are currently delinquent on their payments, according to a report by Transunion, which shows 2.26% of Kansas’ 1,153,000 mortgages are delinquent

RealtyTrac (the leading online marketplace for foreclosure properties and real estate data), released its numbers for Kansas showing an increase in foreclosure filings to be 13 percent higher than the previous month, however foreclosure properties filed in Kansas is still 34 percent lower than the same time last year.

The HARP Refi program in Kansas has been a great success for all underwater homeowners who have chose to refinance through the government-backed refinance program, curbing foreclosures and short sales.

About Kansas HARP

The Home Affordable Refinance Program was recently updated in October 2011 over an agreement between the Federal Housing Finance Agency (FHFA), Fannie Mae, and Freddie Mac, simplifying the accessibility of the program for borrowers looking to refinance through mortgage lenders.

The intended purpose of the Home Affordable Refinance Program (HARP) is to help responsible borrowers refinance into a lower rate or more stable loan program or term, regardless of what their property appraises for.

Kansas HARP Program Eligibility Guidelines:

1) Fannie Mae or Freddie Mac owns or has guaranteed the first loan.
2) Fannie Mae or Freddie Mac purchased the loan prior to May 31, 2009.
3) Borrower must be current with mortgage payments.
4) Borrower owes more than their home is worth, or there is minimal equity.
5) All mortgage payments have been prompt in the past 6 months.
6) No sixty (60) day late payments in the last 12 months.

Click Here to check your eligibility for The Kansas Home Affordable Refinance Program

HARP Mortgage Lender is a nationwide online network of home loan professionals and lending institutions that are authorized to deal in the Obama Administration’s revamped versions of the Home Affordable Refinance Program (HARP 2.0 - 3.0). To learn more from a HARP specialist, call toll-free at 866-442-2184.

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Mark Madsen
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