West Sacramento Short Sale Agent, Default Advocate, Distressed Property Expert
and West Sacramento Short Sale Specialist Mike Rigley here
bringing you the latest West Sacramento Short Sale Information. Thank you
for joining us. Today let’s talk about how many homeowners have been helped by HARP
As reported recently by
Carrie Bay in DS
News nearly 99,000 homeowners refinanced their mortgages in
August through the Home Affordable Refinance Program (HARP),
according to a new report released by the Federal Housing Finance Agency
(FHFA).
The federal government’s HARP initiative, which is applicable for
borrowers with loans owned by Fannie Mae or Freddie
Mac, has put over 618,000 homeowners into new mortgages with lower
interest rates since the beginning of this year.
According to FHFA, HARP is on target to reach a million
borrowers in 2012. The agency attributes the continued high volume of HARP refinances to record-low mortgage rates
and program enhancements that included the elimination of its maximum
loan-to-value (LTV) ratio limit.
HARP refinances for borrowers with LTV
ratios greater than 105 percent accounted for more than 60 percent of the HARP refinances in California. Nationwide,
LTV ratios above 105 percent characterized more than half of new HARP loans made in August.
Since the program’s
inception in 2009, FHFA reports, Fannie Mae and Freddie
Mac have financed more than 1.6 million loans through HARP. My only thought is, no matter how great the
interest rate is, does it make sense to still owe more than your home is worth
when you could short sale and buy a similar property 2-3
years from now at what is expected to be these same great rates and prices?
Is a West Sacramento Short Sale Right for Me?
To get a better idea of when
your West Sacramento home will be worth what you owe, log
in to www.shortsaleandloanmod.info for a free
estimate or call me today for a free no obligation consultation or for the
latest West Sacramento short sale information. Call me
today and sleep better tonight; you’ll be glad you did
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