HARP 2.0 Extended For Homeowners With Upside Down Mortgages
This BLOG On HARP 2.0 Extended For Homeowners With Upside Down Mortgages Was Written By Alex Carlucci of Gustan Cho Associates Mortgage News
Great news for homeowners who have mortgage loans underwater.
- HARP 2.0 Extended Until December 2018
- The Federal Housing Finance Agency released that they will officially be extending the HARP, Home Affordable Refinance Program , until the end of 2018
- The Home Affordable Modification Program already has been extended multiple times since its inception
HARP 2.0 Extended Until 2018 Gives Time For Homeowners To Refinance
The number of homeowners refinancing through the HARP 2.0 program has steadily been declining year after year due to many homeowners with underwater mortgages already took advantage of the HARP 2.0 refinance program.
- With the great news of HARP 2.0 Extended Until December 2018
- his will give homeowners who were unable to go through the refinance process of their high interest mortgage loans now take their time in refinancing their home loans
- However, there are still many homeowners who still have homes where their mortgage loans are higher than the market values of their homes who did not take advantage of the HARP 2.0 mortgage program
- Many homeowners were delaying refinancing hoping that the market values of their homes will recover
- But in many areas, home prices have remained stagnant and not seen much appreciation
- The extension of both HARP and HAMP until the end of 2018 can benefit homeowners who still have a rather difficult time in paying their current home loans or refinancing
HARP 2.0 Extended Until 2018 A Major Success
The HARP 2.0 program has been a major hit and success since the launch of it back in 2009.
- Over 3 million homeowners has taken the advantage of the Home Affordable Refinance Program to lower their monthly mortgage payments
- This is done by refinancing with a lower interest rate on their upside down mortgage home loans
- The current HARP 2.0 program was set to expire on December 31, 2018
Background of HARP 2.0
In 2013, the United States of Housing and Urban Development and the United States Department of Treasury announced that the Obama Administration will be extending the current HARP 2.0 program until December 31, 2015. This new extension of the Home Affordable Refinance Program until 2016 gives many homeowners who still did not take advantage a peace of mind in not rushing into refinancing their current home loan. HARP 2.0 Extended again until December 2018. An estimated 600,000 plus homeowners in the United States can benefit from the Home Affordable Refinance Program.