Real Estate in West Orange
Marsha Bowen Washington
973-510-0014973-510-0014

Government Announces Extension of HARP and HAMP until the end of 2016

The government’s Home Affordable Refinance Program (HARP) and Home Affordable Modification Program (HAMP) will be extended until the end of 2016.    According to the head of FHFA, Mr Wyatt stated;  “Since HAMP and HARP were first launched in 2009, these programs have provided critically important relief for many borrowers by allowing them to lower their monthly payments and, as a result, have prevented many foreclosures.   “HAMP provides modifications that allow borrowers significant payment reductions that are tied to their income. This gives borrowers a more stable, affordable monthly payment and improves performance rates. The HARP program allows borrowers, including those who are underwater on their mortgage and who are regularly making their mortgage payments, to refinance their loans to take advantage of historically low interest rates.”
HARP is a program intended to help save money by lowering monthly payments for borrowers who are underwater but are regularly making mortgage payments, while HAMP is targeted toward borrowers who are delinquent and possibly facing foreclosure by providing them a modification with significantly reduced monthly payments tied to their income.

HARP is a program intended to help save money by lowering monthly payments for borrowers who are underwater but are regularly making mortgage payments, while HAMP is targeted toward borrowers who are delinquent and possibly facing foreclosure by providing them a modification with significantly reduced monthly payments tied to their income.
The participation rates for both programs have been on the decline, partly because many borrowers are already participating in one program or the other, and partly because of recovering house prices, Watt said, but lenders and sevicers continue to approve modifications through HAMP and refinances through HARP.
“Extending HAMP and HARP through the end of 2016 will provide real relief for borrowers who continue to face challenges either paying their mortgage or refinancing their loan,” Watt said.
Watt said that this will be the final extension for FHFA’s participation in HAMP and he anticipates that this will be the final extension for HARP, adding that neither program was intended to be permanent.

Homeowners that cannot qualify for a mortgage modification can also be reviewed for HAFA.

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About Marsha Bowen Washington

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Marsha Bowen Washington

Realtor/Sales Associate

marshabwashington@yahoo.com

973-510-0014973-510-0014 main

Coldwell Banker Residential Brokerage

2 E. Mt. Pleasant Avenue Livingston, NJ 07039

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