Another Option if You Think You Maybe Heading to Foreclosure on Your Kansas City Home in the Future - Checkout a HARP Refinance Mortgage Loan

Another Option if You Think You Maybe Heading to Foreclosure on Your Kansas City Home in the Future - Checkout a HARP Refinance Mortgage Loan

Sure you have heard of a loan modification, short sale and a deed-in-lieu of foreclosure. With some recent changes to HARP, you maybe hearing about it also.

HARP is the Home Affordable Refinance Program. It is designed to help homeowners who are current on their home mortgages refinance into a new affordable, more stable mortgage loan.

The biggest gripe about HARP in the past is it would not help Kansas City real estate investors and homeowners who owed more than 125% of the value of their Kansas City home. The new changes to HARP address both of these issues. HARP now helps real estate investors and there is no cap in the loan to value of a refinanced loan.

To be eligible for a HARP loan a Kansas City homeowner must meet the following guidelines:

1. Be current on their Kansas City mortgage with a good payment history over the past 12 months.
2. Your current mortgage loan must be a mortgage guaranteed by Fannie Mae or Freddie Mac
3. The current mortgage loan must have been sold to Fannie Mae or Freddie Mac prior to 5/31/2009.
4. The current mortgage loan must not have been refinanced under HARP, unless it fit a small portfolio of Fannie Mae mortgage loans that were sold between March and May of 2009.
5. The current loan to value of your current mortgage loan must be higher than 80% loan to value.
6. Your current mortgage lender must be HARP qualified.

For more information about HARP, go to: HARP Mortgage Loans

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Blog post written by the Dowell Taggart Team of RE/MAX Premier Realty 

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