Loan Modification Under the HARP Program

Frequently Asked Questions, Part II



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What Are The Interest Rate And Other Terms Of A Refinance Under the Home Affordable Refinance Program (HARP)?

Your rate will be based on market rates in effect at the time of the refinance and you will be subject to any associated points and fees quoted by your lender. Interest rates may vary across lenders and over time as market rates adjust. The refinanced loans must have no prepayment penalties or balloon payments.

Homeowners whose mortgage interest rates are much higher than the current market rate should see an immediate reduction in their payments.

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. Also, both Fannie Mae and Freddie Mac have established toll-free telephone numbers and a web submission process to make this data availabl. This information is not a guarantee of eligibility for a refinance under HARP, as other qualifying criteria must also be met.

Will A HARP Refinance Help Me Stop Foreclosure?

Yes, that is the goal. By working with your lender to find a loan workout solution, your loan is brought current and the foreclosure process is halted.

How Long Should I Expect It To Take?

A good rule of thumb is 6 months to a year. The banks are inundated with requests. Your lender could be handling a large volume of inquiries about the program and it may take some time before they are ready to process your application. Please be patient yet persistent or have someone acting for you who is.

Can I Do A Loan Refinance Myself Or Should I Pay Someone To Represent Me?

That is entirely up to you. It depends on a number of factors including: your comfort level negotiating with your lender, your having the time and commitment to follow through to completion with a difficult, and often arduous task,; and the amount of time you can devote.

Regardless of what you decide, the first thing you should do is learn all you can about the process, your legal rights, and what it takes to get your application approved. An informed homeowner is harder to take advantage of and will have a much greater chance of success.

Are There Benefits To Legal Representation?

Again it depends. Along with the factors above, the rules are tricky. Even if you don't qualify for HARP you may qualify for HAMP. Even if you qualify for neither help may still be available through other government programs. So your comfort level in negotiating your way through the qualifications and regulations should also be a consideration. Using an attorney to assist you with modifying your existing mortgage loan can save your home and save you thousands every year.

The only person licensed to practice foreclosure law in Massachusetts is a lawyer licensed in Massachusetts. A lawyer can talk to you about the history of your mortgage servicing, examine your mortgage for errors and use these in negotiations,. A lawyer or company in another state does not have any legal authority in Massachusetts (this is called "unauthorized practice of law).

For the rest of this article please go to Loan Modification Under the HARP Program, Part I

To Find Out More or Get Help You Can:

  1. Fill out our Avoid Foreclosure Help Inquiry Form
  2. Call us at 508-348-1435 for a free 1/2 consultation.
  3. Download our Loan Modification Respresentation Agreement, sign and return to us.

To learn more about Avoiding Foreclosure click on one of the links below:

Avoid Foreclosure Help

Avoid Foreclosure Help Inquiry Form

Avoiding Foreclosure Help: The Home Affordable Foreclosure Alternative Program

Avoiding Foreclosure Help: Deed in Lieu of Foreclosure

Avoid Foreclosure News

Avoid Foreclosure Relief - Small Steps Can Make a Big Difference

Understanding Robo-Signing, Part I

Understanding Robo-Signing, Part II

Understanding Robo-Signing, Part III

All Things Loan Modification

Loan Modification: How It Works

Loan Modification Under HAMP, Part I

Loan Modification Under HAMP, Part II

Loan Modification Under HARP, Part I

Loan Modification Under HARP, Part II

Loan Modification Our Services

Loan Modification Respresentation Agreement

Your Debt to Income Ratio Calculator

Short Sale Help, Part I

Short Sale Help, Part II

Short Sale Help, Part III

Short Sales Help FAQ, Part I

Short Sales Help FAQ, Part II

Short Sales Help FAQ, Part III

Short Sales: Our Services

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