The Responsible Homeowner Refinancing Act of 2013 was reintroduced this week for approval by Congress.
This bill, if passed, will benefit responsible homeowners who have stayed afloat and maintained their mortgage payments current, despite their home values being upside down. Responsible for the introduction of this bill are U.S. Senators Robert Menendez (NJ) and Barbara Boxer (CA). First introduced in the 112th Congress but not passed, the bill is now gaining momentum again. Perhaps more relevant now that the housing market is experiencing a recovery, though not quick enough for underwater homeowners who have been unable to modify for too much income, and unable to refinance for too little equity. This bill will also affect the impending wave of new foreclosures predicted for 2013, removing some homeowners from foreclosures all together.
Under the proposed bill, hardworking, responsible homeowners who entered into high interest, or interest only loans, will be able to refinance, and reap the reward of current interest rates which are at 3.53 percent. Responsible homeowners will be able to avoid foreclosure and have some money in their pockets.
The bill, which will enchance the current HARP program, seeks to eliminate the requirements that borrowers verify income or employment, as under the current HARP rules. The bill will also affect that manner in which appraisals are approved and handled, and reduce the cost and time for borrowers and lenders alike. It will also extend the HARP program by one more year, through the end of 2014.
“This is great news for the underwater homeowner. The HARP program has been fantastic in throwing a life preserver to the homeowner that is current on their mortgage and we have seen many mortgages reduced through principal reductions. I am glad that Congress is taking note of the homeowners and how they are suffering in the current state of our real estate market.” Jacqueline A. Salcines, Esq.
So, this is more good news for underwater homeowners! Now, if only the real estate market will continue to improve, we sseem to be almost out of the woods!!
DONT GO IT ALONE. For more information on whether you qualify for a HARP Refinance, modificaiton, short sale or other relief, call me anytime.
Jacqueline A. Salcines, Esq.
Jacqueline A. Salcines, PA
A law firm dedicated to all of your real estate needs.
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