HARP 2.0 for Q4 2011 and 2012

Below are SOME key guidelines for the HARP 2.0. Keep in mind the BIG 4 can and will have overlaying guidelines on top of the Fannie/Freddie version. But here is what we have thus far....

Here are some key aspects of HARP:

• The original program was designed to help borrowers with a balance on their first mortgage of up to 125 percent of the current value of their home.

• So far, it has helped relatively few homeowners refinance their loans nationwide, and fewer still in Nevada.

• It was originally set to expire in 2012. It is now being extended through the end of 2013.

• The new program will roll out in phases, starting with loan applications dated Dec. 1, 2011, or after. For borrowers who are more than 125 percent underwater, the start date will reportedly be in the first quarter of 2012.

• In most cases, homeowners participating in this new program will no longer be required to obtain an appraisal on their home.

• To qualify, homeowners must have paid their mortgage payments on time for at least the last six months. They must not have missed more than one payment in the past year.

Borrowers can't be in foreclosure and must not have filed for bankruptcy. (This limits the impact in the Florida area, where we have one of the nation's highest foreclosure rate and many distressed homeowners have stopped paying their mortgage, sometimes based on advice from attorneys or others who have been hired to help them seek loan modifications.)

• The existing mortgage on the home must have been sold to Fannie Mae or Freddie Mac on or before May 31, 2009.

• The original loan can't be a subprime loan or a pay option adjustable-rate mortgage (or "pick a pay") loan.

The program could help some troubled real estate investors refinance a second home or investment property. The property can be a single-family home or a condo.

It's also worth noting that lenders don't have to participate in this program. The nation's four largest mortgage lenders have indicated that they may participate, but each bank can make changes to create its own version of the program.

This may confuse and complicate the process. We should know more by Nov. 15, when the Federal Housing Finance Agency has promised to release more details about HARP.

Meanwhile, to find out if your loan is owned by Fannie Mae or Freddie Mac, you can email me directly at j.david@MyBBMC.com or call directly at 813.400.0402 (if you receive my voice mail, please leave a message)

This program can relieve a major amount of negative equity and provide a more affordable fixed mortgage payment by lessening the principle balance).

I will be expecting your call.
JD

P.S. This loan is offered in 34 of 50 states with my bank!!