Irvine, California, (TBD) – The Obama administration has recently announced a plan to help home owners who are current on their mortgage payments, but their home values are less than they owe. Until the announcement of the Home Affordable Refinancing Program the only help being offered to struggling home owners was to people facing foreclosures. Now people who have honored their commitments can get help as well.
The HARP loans are designed to allow people who have a loan that was originated before May 31, 2009. Most of the loans before that time had interest rates about 5 or 6 percent. These home owners watched as their values fell, homes around them were foreclosed upon, and interest rates plummeted to record lows.
Many of these home owners struggled to pay their bills, but wanted to honor their commitments. They wondered if there would ever be a branch of hope offered to them. Would the people who lived up to their end of their mortgage agreement get some help? The answer is finally yes, thanks to the Obama home refinancing program offered up in the form of HARP loans.
Home owners needing help can check their eligibility at http://www.harpalliance.com where they can fill out a simple questionnaire. If the home owner qualifies for the Home Affordable Program they will be connected with a loan service provider that will help them navigate through the Obama refinancing plan system.
In order to be eligible for a HARP loan the mortgage must be serviced by Fannie Mae or Freddie Mac. The payments must be current with a good overall history of paying on time. There should not be a history of late payments in the past six months.
Currently the application process for the home affordable refinance program does not require any application fees nor does it require the home to be appraised. The loans will cover up to 125% of the value of the house which means a house can be seriously underwater and still qualify for the program as the goal of this program is to allow good home owners to capitalize on the record low interest rates be offered today.
About HARP Alliance:
Based out of California, HARP Alliance has seen the need in the current economic times and the hardships of home owners to create a place where home owners can go to save money and their homes. HARP Alliance is an organization that aims to help people get the information they need to save money and refinance their homes.
HARP Alliance has a team of experts who are ready to help underwater home owners navigate the treacherous waters of the HARP program. The HARP Alliance team will help people with everything they need to get them qualified for the program.
Check out also for : Obama Refinance Plan