harp modification: New HARP 2.0 Refinance Program up and rolling by spring
- 01/15/12 02:24 AM
Fannie Mae cuts ‘ability to pay’ requirement Major banks have delayed the rollout of the HARP 2.0 Refinance program until mid-March. Though all major lenders previously indicated they would begin offering the updated Home Affordable Refinance Program for upside-down homeowners starting in December 2011, none have yet begun processing applications for borrowers who are more than 125 percent loan to value. Banks are processing HARP applications for borrowers whose loan balances do not exceed 125 percent of their home value. But the vast majority of Southern California borrowers have mortgages that far surpass the 125 percent loan-to-value limit, which was lifted … (3 comments)
More than 25% of homes in the United States have negative equity. Foreclosure Season is expected to peak in mid- to late 2012, so the problem will only grow.
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Fannie Mae cuts ‘ability to pay’ requirement Major banks have delayed the rollout of the HARP 2.0 Refinance program until mid-March.
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