Seattle, WA (PRWEB) March 10, 2014
HARP Mortgage Lender (http://www.harpmortgagelender.com) reports a consistent amount of HARP Refinances completed in the state of Washington each month. According to the Federal Housing Finance Agency (FHFA) HARP Refi activity in a recent report release (as of December 2013), there was a total of 837 HARP loans completed. Despite higher volume for October 2013 of 1,293 and August’s total of 2,100; HARP Refinances Loans would remain as one of the only options for Washington’s underwater homeowners.
Underwater homeowners in WA have until December 31, 2015 to continue taking advantage of the Home Affordable Refinance Program (HARP) thanks to the extension granted in December 2013. The program was proven to be successful. The HARP program has helped many homeowners with high LTV ratio of over 125% refinance their current mortgage to a more affordable monthly mortgage payment, and a shorter loan term to suit their financial situation.
There has been a significant amount of improvement in negative equity share for Washington since the first quarter report of 2013 released by CoreLogic (a leading property information, analytics and services provider). Washington started out with a negative equity share of 14.7% in the first quarter and has continue to drop in each quarterly report; second quarter was 10.0%, and the third quarter at 9.0%. The fourth quarter report in December 2013 was at 9.7% of 1,447,000. As Washington residents anticipate the review of the next negative equity report, it will come as no surprise to see another drop in negative equity for the state.
The HARP Refinance loan option is not only a great solution when it comes to helping a state gain back its equity, it is also an excellent program that can benefit homeowners who are looking for ways to prevent mortgage delinquency. By preventing an increase in amount of delinquent borrowers, this would also impact the number of foreclosure filings that we see each month through Realtytrac reports.
Based on Realtytrac’s (the leading online marketplace of foreclosure property listings and home sales data) most recent report (as of January 2014), Washington’s foreclosure filing in terms of the number of properties was 8% higher than the previous month and 47% lower than a year ago. Since HARP is designed for homeowners current on their mortgage, there may be a drop in Foreclosure stats for Washington if its underwater homeowner seek assistance through the program.
The Home Affordable Refinance Program (HARP) is a unique program designed and established by the Obama Administration and set by the Federal Housing Finance Agency (FHFA) in March 2009 to provide underwater mortgage solution for responsible homeowners with an LTV greater than 125% refinance their current monthly mortgage payment or loan term to a more affordable financial commitment. Since the inception of the HARP Refinance Program, there are a total of 3,027,937 HARP Refinances completed as of November 2013 according to a most recent FHFA report.
1) Fannie Mae or Freddie Mac owns or has guaranteed the first loan.
2) Your current mortgage must have a note date of no later than 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.
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.