Tag Archives: Mortgage

Pennsylvania HARP Mortgage Lenders Can Bank on Recently Announced Two-Year Extension of the Obama Administrations Underwater Refinance Program

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Cherry Hill, Pennsylvania (PRWEB) April 17, 2013

HARP Mortgage Lender, a national network of approved HARP mortgage professionals, reports that Pennsylvanias Home Affordable Refinance Program (HARP) has been extended for an additional two years, allowing underwater homeowners the ability to utilize a program that has helped over 45,000 Pennsylvanians and 2.2 million underwater borrowers nationwide save thousands of dollars per year since its inception in 2009.

The Federal Housing Finance Agencys extension was announced on April 11, 2013, and comes in the wake of a calendar year where user-friendly adjustments to HARP yielded record numbers of borrowers reaping the benefits of the program, with the average borrower saving over $ 4,300 per year on mortgage payments, according to a recent report by Fannie Mae. This included 19,944 new HARP borrowers in Pennsylvania for 2012, which makes up 44 percent of The Keystone States overall borrowers since the program began four years ago. The reason for the dramatic uptick is the provisions the Obama administration added to HARP in late 2011, which, among other major benefits, lifted the 125 percent loan-to-value (LTV) cap for borrowers, making the program increasingly attractive to Pennsylvania borrowers who are deeply underwater.

Click HERE to check HARP Loan Eligibility

And while the FHFA hasnt given an estimate yet on how many deeply underwater borrowers they expect to utilize HARP during its extension through January 31, 2015, the figure of 1.1 million HARP borrowers nationwide in 2012including 228,141 with LTVs over 125bodes well for this rapidly accelerating home loan tool.

About 30-40 percent of our clients have LTVs over 125 percent, says Anthony Piccone, President of 7th Level Mortgage in Cherry Hill, New Jersey. Our product guidelines will allow us to go up to 200 percent. Piccone adds that the average HARP loan his company sees is about $ 220,000.

Because of the incredible HARP interest rates, which hit a 40-year low for national interest rates at 3.31 percent last November, this means that not only can a HARP borrower pay half the interest rates they might have been paying on a property that they mortgaged at $ 400,000 before the housing market declined, but that rate is essentially slashed in half again when taking into account that HARP refinancing enables borrowers to pay interest rates based on what their property is currently worthnot what they might have overpaid for it.

Its because of incentives like this that Piccone points to a recent client of his who is saving over $ 389 per month through HARPwhich comes to about $ 4,700 in savings per year. And as that Fannie Mae report showed, clients like this one of Piccones are closer to the norm than they are exceptions to a rule.

In all, what the 2-year HARP extension means is more time for Pennsylvanias would-be borrowers to get their ducks in a row and make sure they are eligible to use a HARP refinance loan so that they can join the other 2.2 million users who are saving close to $ 5,000 every year.

About HARP:

The Federal Housing Finance Agency (FHFA), Fannie Mae, and Freddie Mac announced additions to the Home Affordable Refinance Program in October, 2011 that make it easier for lenders to refinance HARP-eligible mortgages for responsible borrowers.

The Home Affordable Refinance Program (HARP) works as a streamline refinance program that helps responsible borrowers who have been prompt with their mortgage payments, but might not have been able to refinance in recent years due of falling home values.

The Obama administration says that HARP will save homeowners $ 250 on average per month in mortgage payments, and recent numbers point to even higher savings. HARP is also expected to help 4-5 million underwater homeowners.

To qualify for HARP 2.0, borrowers must meet these requirements:

1) Their first mortgage loan is owned or guaranteed by Fannie Mae or Freddie Mac.

2) Fannie or Freddie acquired the loan before May 31, 2009.

3) Borrowers have to be up-to-date on mortgage payments.

4) A homes value cant exceed the amount owed on the home, or there is minimal equity.

5) All mortgage payments in the past 6 months have been paid promptly.

Experienced Edina Realty Short Sale Agent Kris Lindahl Explains How The Extended Mortgage Debt Relief Law Will Help Homeowners

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Blaine, MN (PRWEB) January 02, 2013

Kris Lindahl, Edina Realty’s number one short sale agent, was excited to see that, as part of the 11th hour dealings to avoid the fiscal cliff, lawmakers have extended the Mortgage Debt Relief Act through 2013. President Obama is expected to sign it shortly. “This is great news,”says Kris Lindahl. “The extension of this act means that homeowners will not have to pay taxes on forgiven mortgage debt through 2013,” Kris explains.

The Mortgage Debt Relief Act was set to expire on December 31, 2012 and would have put millions of homeowners in an undesirable situation. With its extension, homeowners can take a breath of relief. “I’ve been watching this situation very closely for the past year,” Kris Lindahl said, and continued, “I was very happy to see it extended in the 11th hour.” The extension will now be in effect until January 1, 2014.

Kris Lindahl and his short sale team are hard working, full-time Edina Realty realtors. Kris and his all members of his team hold the designations Certified Distressed Property Experts (CDPE), Short Sale & Foreclosure Resources (SFR), and Council of Residential Specialists (CRS). Kris received the Chairman’s Award from Edina Realty for record-breaking numbers in sales and sales volume.

In addition to creating online real estate resources Kris also takes time to give to charities including the ACBC Emergency Food Shelf, the Liz Loglin Foundation, and most recently the Newtown Youth and Family Services. “I get so much support from family, friends, clients, and the community that the least I can do is give back,” Kris Lindahl said.

Call Kris and his team at (763) 607-1415 for more information. Visit the Minnesota Short Sale Calculator website to check eligibility. Download a complimentary copy of the eBook “A Homeowner’s Guide To Short Sales” and check out the video series on YouTube.







Security America Mortgage Shake President Obama’s Hand in Fort Bliss, TX While Recently Deployed Military are Praised & Educated about New Health & Home Loan Advantages

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Fort Bliss, Austin, San Antonio, El Paso, Houston, Texas (PRWEB) September 17, 2012

As Americans grow in support to help military members and their families transition back into homes within the United States, the U.S. President makes several appearances nationwide – meeting the military heroes personally to offer tribute. With a ‘mission to serve’ attitude, veterans learn more about VA home loan benefits and additional changes to the executive priorities of the presidential cabinet.

Texas veterans can now find more information about VA eligibility, entitlement, support at VA website; va.gov. New veteran support can be found within local veteran posting including information about jobs, affordable real estate homes, and many other growing VA benefits supported by Texas based companies. America’s preferred VA mortgage lenders, such as Security America Mortgage, also support veterans by sponsoring events with non-profit organizations to assist the Texas Commission for Veterans with VA relocation, VA housing education, and VA home loan advantages for military members throughout the nation.

On September 1, 2012, President Obama met military families in Fort Bliss, Texas to congratulate each active duty and veteran service member for a “job well done”. According to “The Daily Beast” magazine, Obama visited the Texas veterans and families all while shaking as many hands of those who attended the crowd.

While congratulating the U.S. Heroes, Obama shook the hands of veterans, their families, and active troops all while communicating his appeasement over their job well done. Obama further addressed the crowd of military service members with an announcement over the “new executive order” that was signed on Friday, August 31, 2012, called, “IMPROVING ACCESS TO MENTAL HEALTH SERVICES FOR VETERANS, SERVICE MEMBERS, AND MILITARY FAMILIES”. (Click for Full Length White House Story Here)

“[...By the authority vested in me as President by the Constitution and the laws of the United States of America, I hereby order as follows:

Section 1. Policy. Since September 11, 2001, more than two million service members have deployed to Iraq or Afghanistan. Long deployments and intense combat conditions require optimal support for the emotional and mental health needs of our service members and their families. The need for mental health services will only increase in the coming years as the Nation deals with the effects of more than a decade of conflict. Reiterating and expanding upon the commitment outlined in my Administration's 2011 report, entitled "Strengthening Our Military Families-Security America Mortgage" we have an obligation to evaluate our progress and continue to build an integrated network of support capable of providing effective mental health services for veterans, service members, and their families.

Our public health approach must encompass the practices of disease prevention and the promotion of good health for all military populations throughout their lifespans, both within the health care systems of the Departments of Defense and Veterans Affairs and in local communities. Our efforts also must focus on both outreach to veterans and their families and the provision of high quality mental health treatment to those in need. Coordination between the Departments of Veterans Affairs and Defense during service members' transition to civilian life is essential to achieving these goals.

Ensuring that all veterans, service members (Active, Guard, and Reserve alike), and their families receive the support they deserve is a top priority for my Administration. As part of our ongoing efforts to improve all facets of military mental health, this order directs the Secretaries of Defense, Health and Human Services, Education, Veterans Affairs, and Homeland Security to expand suicide prevention strategies and take steps to meet the current and future demand for mental health and substance abuse treatment services for veterans, service members, and their families...]“

Hiring 1,600 new mental-health professionals and increase the agencys crisis-line capacity to allow those in need of professional assistance to meet with a counselor within 24 hours.

Last, Obama encouraged all military members who fought in more traumatic battles overseas to be open with those around them, and to further seek out as much support as they need, as all resources are being given to them by the government, including mental-health benefits, free counseling centers, and the many VA support groups spread out across Texas.

For military members looking for a home in Texas, Obama provided the masses with reliable real estate resources for veterans, including lists of approved Real Estate Agents. Financial hardships can be a challenge to overcome for veterans transitioning back into the civilian life, but luckily, Texas has been one of the few states in the nation to bypass the economic downfall of the repression.

Above all, the expanding VA support serves veterans with hope for change toward a new and glorious future to come for Texas homeowners.







Nomi Prins on Bernanke’s testimony, Obama’s Mortgage Plan and Greece’s missed “Bailout” Deadline

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Follow us @ twitter.com twitter.com Federal Reserve Chairman Ben Bernanke testified before the Senate today – last week he testified before the House – and the media wanted to hear if the “good” US jobs report, which came out since he last spoke, changes anything about monetary policy. The jobs report has been deemed “good” because the headline unemployment number went down a little to 8.3%. Bernanke actually said this understates the weakness of the labor market, but do these monthly numbers matter at all? People who crunch the numbers seem to say no. David Stockman, Ronald Reagan’s former budget director in an email that’s been made public wrote you basically can pick and choose what you want from the reports to support your thesis but, “In short, if you spend a little time with these numbers you will know that they are being made up.” John Mauldin, financial expert was writing about something similar that these numbers are subject to large revisions up or down – so take them with a grain of salt. So if that’s the case and the Bureau of Labor Statistics is the emperor wearing no clothes, coming out with these meaningless numbers each month, why are markets and the media glued to them? We will be speaking with Nomi Prins during the show, and will ask her what she things about this purported oddity of markets hanging on news that the may see as highly dubious. And speaking of news the markets and media hang on – Greek leaders are still in talks over a debt deal – and the …
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HARP Mortgage Lender Helps Prevent A Massive Wave Of Foreclosures In Hardest Hit Real Estate Markets

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Las Vegas, NV (PRWEB) June 06, 2012

HarpMortgageLender.com is a rapidly growing website focused on the Obama Administrations Home Affordability Refinance Program (HARP) to help underwater homeowners lower their mortgage payment and interest rate.

Homeowners that have negative equity and higher than average interest rates have proven to be more likely to default. In an effort to stabilize U.S. home prices and decrease foreclosures, HARP 2.0 is designed to help borrowers that are upside down on their mortgage refinance into a traditional loan at a lower interest rate.

Recent changes to the HARP Program removed the maximum percentage amount that a property can have an underwater mortgage. Prior to December 1, 2011, the maximum amount that a property could be underwater was 125% of the loan balance.

This means that if a property is valued at $ 100,000, the maximum that the mortgage being refinanced would be $ 125,000 or 125% of $ 100,000. This would also be referred to as 125% LTV or loan-to-value.

HarpMortgageLender.com is a comprehensive online resource for underwater homeowners who are looking for non-biased information about their options to stay and refinance or consider a short sale.

The company is led by industry leader Raymond Bartreau, and the website was created to inform and match homeowners with approved HARP lenders. The genius behind the website is that homeowners can go and learn more about the HARP the loan program, its requirements, and whether it seems like a good fit or not before having to speak to a mortgage professional.

This additional protection from the pressure of having a loan facilitator presenting the information should really help encourage homeowners to start exploring some of the new government loans created to help borrowers reclaim their financial stability after the housing crash.

The HARP website has been around just long enough to start generating some serious recognition and traffic. The extensive archives of the site expand past 2500 pages and answer virtually any question a visiting borrower or homeowner could ask.

Whats the catch?

Well, the catch is that you have to go to the website, jokes a visiting homeowner.

The information can help you figure out if youre in a position to refinance out of your existing mortgage and into one of the new mortgage programs but you actually have to take the time to do some reading.

Many visitors have said to like the informative approach better than speaking directly to a mortgage professional. Without the added pressure of feeling like youre being sold or pushed into a loan program, you can take your time to read about and understand the various options.

If you do have questions, you know that there are lines of professionals waiting to help you out in hopes of earning your business, so its really a win/win.

If you know of someone interested in either leaning more about HARP mortgage loans or even perhaps a company trying to find ways to help homeowners learn more about the HARP mortgage loans, recommend them to HarpMortgageLender.com or have them call 800-811-1402 for more information.

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