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Countless folks have a hard time in paying their mortgages. Several are having a difficult time in paying their mortgage payments which explains why they're late. Several are going through a rough time in looking their mortgages to be refinanced. This is brought on for their home's value reduction. And if that is what's happening at this moment, your dilemma could be solved through HARP Refinance Plan. The intention of this plan is to help homeowners have a much more stable and much more affordable mortgage. By doing this, their homes could be saved. This certain refinance requires a loan application, refinance fees and underwriting processes. Standards For HARP Not anybody can qualify for HARP, not unless she or he meets the necessary criteria for eligibility. The most needed qualification though is the owner or the group which guarantees your mortgage is Fannie Mae or Freddie Mac. This mortgage must have been offered and bought by them last May 31, 2009, or even before that issuperior. If a particular mortgage has received refinance from HARP from March-May 2009, it will sadly not qualify for this plan. The loan-to-value ratio of the house ought to be better than 80 percent. It's also essential that the applicant is current on his mortgage during the refinance time. Additionally, she or he must have a good mortgage payment history for the previous months. But, these said eligibility criteria are just for guidance. It's still superior to contact the mortgage servicer first to see whether one is eligible for this plan or not. Accessibility Of HARP One has to ask his or her mortgage service if HARP is available or maybe they are participants of the said plan. The true reason behind this is that, with HARP, there is no guarantee that every and every mortgage service participates. The best move will be to call Freddie Mac or Fannie Mae in case your servicer participates with this specific plan. HARP plan is only accessible until the 31st of December, 2013. Getting Assistance From HARP Refinancing Essential steps are needed for an interested individual to make utilization of this plan. Firstly, Fannie Mae or Freddie Mac has to be your mortgage's guarantor or owner. One is in a position to ask them in regards to this. Next move to make is ask your current mortgage servicer or lender whether or not they presently participate in HARP. If yes, you must then do a comparison of every mortgage company's rates and costs. Through this, you will be certain yourself in getting the best refinancing terms. Most importantly, pass all the crucial documentation that is needed by that particular servicer.
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