Cincinnati, OH (PRWEB) July 26, 2013
HARP Mortgage Lenders
(http://harpmortgagelender.com), a national network of mortgage professionals who are approved for the Home Affordable Refinance Program, reported that recent Ohio foreclosure rates are improving, but some counties are still swimming in waves of foreclosures and HARP 2.0 may just be the solution to their problem.
According to RealtyTrac (the leading online marketplace for foreclosure properties and real estate data), released its U.S. Foreclosure Market Report as of June 2013 for April 2013, showing as a nation; the number of properties that received a foreclosure filing in the United States was 14 percent lower than the previous month and 35 percent lower than the same time last year. Reported in June of 2013, in comparison with the nation, the number of properties that received a foreclosure filing in Ohio was 10 percent lower than the previous month and 22 percent lower than the same time last year.
Also based on recent RealtyTrac report as of April 2013, the top 5 counties with the highest number of foreclosure filings in Ohio are:
1.Clinton = 1 in every 378
2.Summit = 1 in every 383
3.Clermont = 1 in every 392
4.Hardin = 1 in every 410
5.Pickaway = 1 in every 450
Negative equity data report provided by CoreLogic (analytics and business services) for the past three years the recorded analytics shows a struggle with improvement for Ohio’s negative equity for the state alone, towards the end of 2011 it was at 21.9 percent, increasing to 25 percent for the last quarter of 2012, and has continue to make it climb up the charts in the first quarter of 2013 with 26.3 percent as of June 12, 2013.
“In a state where foreclosure rates are improving but yet still high, HARP 2.0 is the perfect solution in helping underwater borrowers get back on their feet and avoid having to foreclose their homes, it's been going on for far too long. Bottomline is, there’s a reason why thousands of underwater homeowners are able to prevent foreclosure every month—and HARP is that reason." says Mark Madsen, HARPMortgageLender.com Vice President.
Based on reports provided by the Federal Housing Finance Agency (FHFA) released on June 12, 2013 ( as of April 30, 2013), Ohio alone resulted in 90,941 refinance loans since inception of HARP with 2,977 out of that number having LTVs greater than 125 percent. With the LTV limitation revised, the HARP Refinance is now able to help these particular borrowers who have exceeding LTVs. Another data within the same report showed that Ohio had 4,613 properties refinanced through the HARP Refinance loan program, with 455 having a Loan-to-Value (LTV) exceeding 125 for the recent quarter.
These reports and studies show that Ohio homeowners are in fact trying to turn their negative equity homes around as well as to prevent anymore foreclosures from occurring, and with the help of the extension on HARP 2.0, these homeowners can definitely try and maybe be able to refinance their upside down mortgages.
The Home Affordable Refinance Program was amended in October of 2011 through an agreement between the Federal Housing Finance Agency (FHFA), Fannie Mae, and Freddie Mac, which simplified the accessibility of the program for borrowers looking to refinance through mortgage lenders.
A main goal of the Home Affordable Refinance Program (HARP) is to help responsible borrowers with the process of streamline refinancing. Eligible borrowers who are current with mortgage payments but have seen their home lose value are given the option of HARP refinancing.
HARP 2.0 eligibility guidelines:
1) Fannie Mae or Freddie Mac owns or has guaranteed first loan.
2) Fannie or Freddie purchased the loan prior to May 31, 2009.
3) Borrowers must be current with mortgage payments.
4) Borrowers owe 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.
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 888-460-2939.