Qualify For Harp Program Without Mortgage By Fannie Mae Or Freddie Mac

#Qualify For Harp Program Without Mortgage By Fannie Mae Or Freddie Professional Who Assisted#

For example, your servicer could be 'Bank A' but the investor on your loan could be Fannie Mae, Freddie Mac or a group of investors.The HARP loan helps underwater homeowners refinance their mortgages. The Home Affordable Refinance Program (HARP) expired on DecemFreddie MacвЂ™s HARP replacement program, FMERR, also expired on SeptemThe Fannie Mae High-LTV Refinance Option (HIRO), still in force, is a good HARP and FMERR replacement program Those who missed HARP or FMERR may be eligible to refinance under the new replacement program from. Many lenders also have loan servicers handle all contact with homeowners.HARP and FMERR fast facts. It is possible that the owner of your mortgage also services it, however many loans are owned by groups of investors and these investors hire loan servicers to interact with homeowners on their behalf. Learn everything you need to know about refinancing.Your loan servicer is the financial institution that collects your monthly mortgage payments and has responsibility for the management and accounting of your loan. The mortgage cannot have been refinanced under HARP previously unless it is a Fannie Mae loan that was refinanced under HARP from March-May, 2009.When you refinance your mortgage you can get a lower interest rate and lower your monthly payment.

Both Fannie Mae and Freddie Mac have toll-free telephone numbers and web submission processes that also make this data available. Through HARP, Fannie Mae and Freddie Mac will allow the refinancing of mortgage loans that they own or that they guaranteed in mortgage backed securities.How do I know if my loan is owned or has been guaranteed by Fannie Mae or Freddie Mac?Ask your mortgage lender or servicer. Eligible homeowners, who are current on their mortgages but have been unable to take advantage of lower interest rates because their homes have decreased in value, may have the opportunity to refinance. Is it possible to refinance my loan under HARP?Yes. ABOUT REFINANCEI'm current on my mortgage.

Compare this to your current loan terms. When you submit a loan application, your lender will give you a 'Good Faith Estimate' and a 'Truth in Lending Statement' that includes your new interest rate, mortgage payment, and the amount that you will pay over the life of the loan. If you're one of these homeowners, you could save a great deal of money by reducing the amount of interest you pay over the life of the loan.Refinancing into a stable fixed-rate loan and avoiding future mortgage payment increases will likely improve your ability to sustain your mortgage payments over the long-term. Homeowners who are paying interest only, have a low introductory rate that will increase in the future or face a balloon payment, may not see their current payment go down if they refinance to a fixed rate and payment. The objective of a refinance under HARP is to provide creditworthy homeowners the opportunity to get into a new mortgage with better terms.Homeowners whose mortgage interest rates are much higher than the current market rate should see an immediate reduction in their payments.

The incentive will be applied directly to your loan balance annuallyвЂ”up to $1,000 each year during the first five years of the modification and a one-time payment of $5,000 in year sixвЂ”and over six years the total principal reduction could add up to $10,000. If your loan ceases to be in good standing (three monthly payments are due and unpaid on the last day of any month), no further incentives payments will be paid, including accrued but unpaid amounts. For every month you make a payment on time, you will accrue an incentive that reduces the principal balance on your loan. Homeowners who received a HAMP modification and make timely payments on their modified loans receive incentive payments. ABOUT MODIFICATIONI heard that homeowners who have modified their mortgages through HAMPВ® get financial incentives.

Qualify For Harp Program Without Mortgage By Fannie Mae Or Freddie Professional Who Assisted

What documentation do I need to validate rental income?In the case of a property that has recently been rented, a signed Rental Agreement contract must be provided to show the property address, date of contract, lessee's name and address, rental amount, and rental period. For additional information regarding Social Security, disability or death benefit income, contact Social Security directly toll-free at 1-80 or visit their website at For all other benefits, you must contact the provider directly for additional information.How do I get evidence of unemployment benefits?Evidence of unemployment income may be obtained through the Department of Labor UI benefit tool.My rental income was not reported on last year's tax returns because the property was vacant. Homeowners are encouraged to work with their employers to gather information that describe, the nature of the income and the continuity of the income.How do I get evidence of benefit income (e.g., Social Security, disability, death benefits, pension, public assistance, adoption assistance)?You can provide a copy of benefit letters/statements, a disability policy or a receipt of payments such as copies of two most recent bank statements showing electronic benefits deposits. How do I get a copy of my most recent quarterly or year-to-date Profit and Loss Statement?Contact your Certified Public Accountant (CPA) or the licensed tax professional who assisted you in completing your tax documentation.What types of documentation would be considered reliable enough to validate 'Other Earned Income' for a mortgage modification?Other earned income (bonus, commission, fee, housing allowances, tips, overtime) must be documented by your employer on either your paystubs or other employment paperwork/contracts.

You may also contact a HUD-approved housing counseling agency for help by calling 888-995-HOPE TMВ (4673). What should I do?Contact your servicerВ immediately and ask to be considered for foreclosure assistance. Your name and address, together with a self-addressed, stamped envelopeMy loan is scheduled for foreclosure soon. Generally, the documentation needed may include, but is not limited to, the following: The homepage of the state's website will provide a link/information on how to contact the office of Vital Statistics.

The servicer may require that the homeowner list and market the property before they agree to a deed-in-lieu arrangement. 'How does a deed-in-lieu of Foreclosure work?With the deed-in-lieu of Foreclosure, the homeowner voluntarily transfers ownership of the property to the servicer in full satisfaction of the total amount due. Also referred to as a 'Pre-foreclosure Sale.

Beware of anyone who says they can 'save' your home if you sign or transfer over the deed to your house. Beware of any person or organization that asks you to pay an upfront fee in exchange for counseling or the modification of a delinquent loan. BEWARE OF FORECLOSURE RESCUE SCAMS - HELP IS FREE!What are some of the warning signs of scams or fraud?

Reach out to an expert at a HUD-approved housing counseling agency by calling 888-995-HOPE TMВ (4673). First, get the help you need to avoid foreclosure.В Contact your mortgage company or lender immediately. Never make your mortgage payments to anyone other than your mortgage company without their approval.

Qualify For Harp Program Without Mortgage By Fannie Mae Or Freddie Mac