Posts Tagged HARP

HARP’s homeowner assistance program extended once again

The Home Affordable Refinance Program (HARP) deadline to file for the program has been extended until December 31, 2015. The deadline for Home Affordable Modification Program (HAMP) has also been extended until 2016.

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Loan Modification Programs Help Struggling Homeowners

To assist those willing to stay in their home and who are able to pay their mortgage, the Federal Housing Administration passed HARP, the Home Affordable Refinance Program. If the homeowner is current on their Fannie Mae or Freddie Mac mortgage, the borrower could refinance the loan at a lower interest rate under this program.To assist those willing to stay in their home and who are able to pay their mortgage, the Federal Housing Administration passed HARP, the Home Affordable Refinance Program. If the homeowner is current on their Fannie Mae or Freddie Mac mortgage, the borrower could refinance the loan at a lower interest rate under this program.

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Only 26% claim mortgage deduction

The use of the deduction varies from region to region, ranging from a high of 37% of taxpayers in Maryland to a low of 15% in North Dakota and West Virginia, according to a USA Today analysis of IRS data.The use of the deduction varies from region to region, ranging from a high of 37% of taxpayers in Maryland to a low of 15% in North Dakota and West Virginia, according to a USA Today analysis of IRS data.

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HARP 2.0 Intends to help more homeowners, but who qualifies?

The original HARP program which was created in 2009 helped less than 30 percent of the homeowners it intended to aid by lowering interest rates on existing mortgages. Why was HARP so unsuccessful? Strict guidelines, including loan-to-value ratio, eliminated much of the pool of potential candidates who otherwise might have benefited from the program.The original HARP program which was created in 2009 helped less than 30 percent of the homeowners it intended to aid by lowering interest rates on existing mortgages. Why was HARP so unsuccessful? Strict guidelines, including loan-to-value ratio, eliminated much of the pool of potential candidates who otherwise might have benefited from the program.

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Short Sale Homeowner Receive Tax Relief For Three More Years: Mortgage Forgiveness Debt Relief Act Explained

Homeowners who are victims of the burst housing bubble found a solution to their plummeting home values and their underwater mortgages in the popular trend of short sale transactions. This act of allowing the lender to accept the sale of the home for less than is owed, and forgiving the homeowner for the balance of the mortgage seemed like a viable alternative to a foreclosure. Homeowners who are victims of the burst housing bubble found a solution to their plummeting home values and their underwater mortgages in the popular trend of short sale transactions. This act of allowing the lender to accept the sale of the home for less than is owed, and forgiving the homeowner for the balance of the mortgage seemed like a viable alternative to a foreclosure.

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