Recently we’ve had questions about the new government program, HARP (home affordable refinance program). HARP is another program rolled out to help struggling home owners lower their interest rate and stay in their home. It’s designed for people who need to refinance and lower their monthly payments, but due to declining property values, have been unable to do so. Eligibility requirements and more information can be found at the link below.
In addition to HARP, the government has rolled out other programs including HAMP (home affordable modification program) and HAFA (home affordable foreclosure alternatives). These programs are designed to give incentives for home owners who participate in a short sale or a deed in lieu of foreclosure. I’ve also included the link to the eligibility requirements for those programs as well.
More information will be coming regarding the HARP program, so stay tuned. Anecdotally, we’ve had little success with lenders being willing to allow the home owner to participate in HAFA or HAMP and receive the $3,000 incentive. Most of the time we are seeing that lenders are denying HAFA and HAMP and most sellers are opting for a traditional short sale.