Here’s some interesting information on the government mortgage assistance program called HARP 2.0.
HARP2 or HARP 2.0 is the same program as HARP. It was just extended until December of 2013 and there are some changes to the program. HARP assistance is only available to Fannie Mae or Freddie Mac loans. Fannie Mae and Freddie Mac are government sponsored companies that own home loans. Your loan could possibly be owned by one of these government organizations even if it is being serviced by another bank. For example, you could have received a loan from Chase Bank, but the actual note-holder is Fannie Mae or Freddie Mac. There are ways to check on some government websites like this one: http://harp-mortgage.com/who-owns-my-loan/
If you don’t have a loan that is owned by Fannie Mae or Freddie Mac, this program will do nothing for you.
To qualify for assistance under HARP, you must have NO late payments in the last 12 months. This is a disturbing qualification guideline. If people need assistance with a home loan, it is very likely that they have fallen behind on payments at some point in the last 12 months. This new guideline for qualification will disqualify many people from HARP.
Another thing to note is that not all lenders are participating in HARP. You need to find out if your bank or mortgage lender is participating in the program.
The government created this program to help people with their mortgage, but they have made it difficult to use the solution. Bankruptcy does not have any limitations to what type of loan you have or who owns your loan. Bankruptcy does not have any restrictions on how long or how many times you have been late on your loan. Bankruptcy is an option for anyone who is going through difficult financial times. Basically, if your income is less than your expenses, you should explore bankruptcy as an option.
Bankruptcy Law Professionals is the leading authority in helping people file for bankruptcy in Riverside and San Bernardino counties and also Orange County. Contact us for a consultation at (855) 257-7671.