Tagged with " underwater homeowners"
5 Nov
2011
Posted in: My Ongoing Story
By    Comments Off on FHFA Announces New Program

FHFA Announces New Program

A ray of light came on Monday, October 24th, 2011 in the form of a Washington Post article.

FHFA announces new program to help ‘underwater’ homeowners

This was the beginning of my new part-time job: applying for the HARP.

The process includes research, gathering bank statements and tax information, calling banks, lenders and community housing organizations, and, above all else, sorting out a lot of misinformation, often in the lending companies themselves. The goal is to benefit from a program that was deigned for someone my exact situation, document my experience, and provide a bit of guidance to others who want to apply for HARP phase II.

HARP Phase II is designed to make it easier for those who are underwater to access the money that was designated to help them. This article in Housing Think, FHFA Clears Hurdles for More Homeowners to Refinance Under HARP, sums it up nicely.
“In HARP’s case, the target homeowner is one who wished to refinance his or her mortgage, but owes more on their mortgages than their individual homes are worth. Program administrators believed that underwater homeowners represented a substantial portion of the troubled homeowner populations, and that HARP would go a long way to stymie the accelerating wave of foreclosures flooding the nation’s housing market.”