HARP Refinance is keeping the number of delinquent borrowers from rising in Wisconsin by encouraging underwater homeowners to refi.
Madison, WI (PRWEB) October 25, 2013
HARP Mortgage Lender (http://harpmortgagelender.com) reports that the Home Affordable Refinance Program (HARP) is the perfect Call-to-Action solution for Wisconsin’s underwater homeowners who are trying to attain a lower monthly interest rate. In order to refinance through the HARP Plan borrowers are not to be delinquent on their current mortgage since the program’s intentions are to help out responsible underwater homeowners who are currently struggling to make their payments but have still been able to do so. These homeowners are to be given the opportunity to take advantage of a lower interest rate to help ease their financial situation.
The Wisconsin HARP Refinance Program allows for underwater homeowners to take advantage of today’s low rates by switching over to a shorter and better loan term. Wisconsin may not have the lowest rating when it comes to negative equity, but according to a most recent TransUnion report the state only has 2.35 percent delinquent borrowers out of 694,000 loans this year.
Based on CoreLogic’s recorded data analysis (analytics and business services), Wisconsin’s negative equity share has dropped since a year ago, from 15.5 percent (104,620) to 12.2 percent (84,668). This is a significant amount of improvement considering there are other states struggling with negative equity today.
Because of the recent revision of HARP Refinance, more borrowers may now be eligible for the program’s life changing benefits. Wisconsin homeowners who were once having the toughest time trying to make their payments have now found a second chance opportunity with HARP, now they are able to continue making their payments on time without worrying about having to sell their homes just to get rid of the financial burden.
Click here to check eligibility for The Wisconsin HARP Refi Program
According to the Federal Housing Finance Agency (FHFA) (as of August 2013) Wisconsin has so far accumulated a total of 54,420 HARP refinances since the inception. Wisconsin was already at 28,662 by March 2012 shortly after the Loan-to-Value (LTV) limitations were removed from HARP’s eligibility guideline in October of 2011, which is why the high volume for HARP refinances for 2013 comes as no surprise since more borrowers are able to refinance with the government-backed program.
The Loan-to-Value (LTV) breakdown for WI is as follows:
80% - 105% LTV = 46,565
105% - 125% LTV = 6,284
Greater than 125% LTV = 1,571
These are numbers representing Wisconsin’s current status of HARP refinances since the program first started. If homeowners continue to take advantage of this program, they may no longer have to worry about the odds of having to give up their homes just so they can continue trying to make ends meet. Not only is the HARP refinance program beneficial to homeowners, but the state’s economy as well; preventing delinquent borrowers and negative equity share from increasing in Wisconsin.
About The Wisconsin HARP Refinance Program
The program was first initiated in March of 2009, and recently revised in late 2011 to help more underwater homeowners qualify who had a Loan-to-Value greater than 125 percent to take refinance their current underwater mortgages into a shorter loan term or program so that they can take advantage of a lower mortgage interest rate as long as they weren’t delinquent. The Home Affordable Refinance Program in Wisconsin is now much more successful since the revision of the program’s eligibility guidelines creating a more simple refi process towards severely underwater homeowners.
Wisconsin 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 eligibility for The HARP Plan in Wisconsin
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.