Loan Modification program to get one more year. In a press release sent out yesterday by the Federal Housing Finance Agency the administration has determined that due market conditions they will extend the current Home Affordable Refinance Program(HARP) for one more year.
"to support and promote market stability, and to encourage lenders and other mortgage market participants to fully adopt the HARP program, including the implementation of the October 2009 expansion of loan-to-value ratios (LTVs) to 125 percent, FHFA is authorizing the extension of HARP until June 30, 2011."
Eligibility
You may be eligible for a Home Affordable Modification if you:
• Own a 1- to 4-unit home that is your primary residence.
• Got your mortgage on or before January 1, 2009.
• Have a mortgage payment (including taxes, insurance, and homeowners association dues) that is more than 31 percent
of your gross (pre-tax) monthly income.
• Owe less than or equal to $729,750 on your first mortgage for
In my experience most Loan Modifications are taking longer, but I have seen the time-line shortening up as of late. Still with the current market I believe it's best to extend this program for another year to allow ample time for these modifications to work themselves through the system.
- For more information on whether you qualify for a Loan Modification visit the Making Homes Affordable website.
- The FHFA official press release on the Loan Modification program
For question on qualifying for a Loan Modification contact your lender or email me.
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