Is your success with HARP 2.0 in New Jersey totally in the hands of the greedy banks?
HARP 2.0′s claim to fame is higher loan to value limits. Because if you owe $165,000 on your home, but it’s only worth $150,000, then you have a very difficult time trying to refinance your home prior to HARP 2.0. The question now is, “Have you been able to refinance after HARP 2.0?”
There is a concern that HARP 2.0 is overly-dominated by the big banks and the banks are approving fewer loan refinances than if equal competition existed amongst all the lenders such that a homeowner/borrower could do their HARP 2.0 refinance at the lender of their choice.
A Senate banking subcommittee has raised concerns over whether borrowers interested in a HARP 2.0 refinance could get it done faster and with less fees if they did not have to go through a big bank. Not only does it appear the big banks are charging higher fees, they are also being selective about which homeowners get approval.
[Click here to read full Article and Comment…]
Tagged as:
HARP,
HARP 2.0,
Interest Rates,
new jersey mortgage,
Refinance,
Somerset New Jersey Mortgage Refinance
Many underwater homeowners in New Jersey will be able to refinance their Fannie Mae/Freddie Mac mortgage loans under the new HARP 2.0. This new version of HARP was created to allow borrowers with underwater mortgage loans to refinance without having to worry about value or an appraisal – in most cases.
To be eligible to refinance under HARP 2.0, you must meet the following minimum criteria:
- Your mortgage must have been sold to Fannie Mae or Freddie Mac before June 1, 2009.
- You must be current on the mortgage and have no late payments in the last six months. A late payment is defined as one that’s more than 30 days overdue.
- You must not have more than one late payment in the past 12 months.
- This must be your first refinance through HARP. If you have refinanced under an earlier version of HARP, then you do not qualify.
In the previous version of HARP, many homeowners were unable to refinance because despite the fact that the program’s loan-to-value cap was 125%, most lenders wouldn’t refinance more than 105% of the home’s value. This left many homeowners on the outside looking in.
Tagged as:
HARP,
HARP 2.0,
Interest Rates,
new jersey mortgage,
Refinance
February 2012 and here we go again. After stealing the homes of millions of Americans – with the aid of lawyers and our judicial system – the 5 biggest lenders may settle the catastrophe for the measly sum of $25 billion. That’s like you settling a legal case for a loaf of bread. Under the expected agreement, the lenders will pay homeowners about $2000 (or less) to right the wrongs they committed. What a deal !!
The amount of fraud that took place during this crisis is beyond the understanding of any homeowner. If you or I were to be involved with this level of ongoing fraud, we would be in a cell next to Bernie Madoff. Now, to make good for taking millions of homes, they get to settle for $2000? It is an insult to America. Even in ordinary fraud committed by regular citizens, the typical restitution would be more than that.
[Click here to read full Article and Comment…]
Tagged as:
Foreclosure,
New Jersey
Freddie Mac and Fannie Mae have adopted changes to the Home Affordable Refinance program (HARP) and you may be eligible to take advantages of these changes.
If your mortgage is owned or guaranteed by either Freddie Mac or Fannie Mae, you may be eligible to refinance your mortgage under the enhanced and expanded provisions of HARP. You might be able to refinance regardless of the value of your home. [Click here to read full Article and Comment…]
Tagged as:
HARP,
New Jersey,
Refinance
Home Affordable Refinance Program (HARP) is New and Improved
The Federal Housing Finance Agency, with Fannie Mae and Freddie Mac, have announced a series of changes to the Home Affordable Refinance Program (HARP) in an effort to attract more borrowers who can benefit from refinancing their mortgage. Under the original HARP guidelines, there were hordes of homeowners who were not eligible to refinance due to issues with home value.
HARP is unique in that it enables borrowers who owe more than their home is worth to take advantage of low interest rates. This program will continue to be available to borrowers with Fannie Mae or Freddie Mac loans originated on or before May 31, 2009 with current loan-to-value (LTV) ratios above 80 percent. [Click here to read full Article and Comment…]
Tagged as:
Closing Costs,
HARP,
Interest Rates,
New Jersey,
Refinance
There has always been a saying in the mortgage business that “You can’t beat the market.” If you could and if it were that easy, we would all be rich, right? Mortgage rates are based on what’s happening in securities and on Wall Street. So, just as you probably have not struck it rich by moving funds around in your 401k at just the right time, the mortgage markets are no different.
The markets are so fragile right now, you might need to rely more on a lucky day than anything else. On any given day, you could interview finance experts about where the markets are headed and you would get a split vote. One third would say rates will move down, one third will say they will move up, and a third will predict they will stay the same. Huh? That’s no help. [Click here to read full Article and Comment…]
Tagged as:
FHA Mortgage,
First Time HomeBuyer,
Interest Rates,
New Jersey
Did you have a mortgage serviced by Countrywide between Jan. 1, 2005, and July 1, 2008? If yes, you could be entitled to a refund ranging from $500 to several thousand dollars.
It is estimated that more than 450,000 borrowers who took out mortgages with Countrywide Financial will soon receive refund checks. The refunds come as part of a $108 million settlement over claims that Countrywide charged high fees to borrowers facing foreclosure. [Click here to read full Article and Comment…]
Tagged as:
Countrywide,
Foreclosure
When buying a new home, you want to find out if there are any hidden deficiences that might affect your decision to buy that property. Most people have little alternative but to hope that their real estate broker or inspection report will reveal any negatives about the house. Until now. A new service called BuildFax, similar to Carfax, will help put valuable information in the hands of prospective buyers.
BuildFax offers additional documentation about a building’s history that may be helpful in deciding whether to buy. It is essentially a background check on the home. [Click here to read full Article and Comment…]
Tagged as:
First Time HomeBuyer,
Home Inspections
