Having Problems with Your Home? HARP Loan or Cheapest Unsecured Loan?

A lot of people in the nation have problems keeping up with payments for their home. As a matter of fact, a lot of people are behind with the monthly payments for their home. If you are one of these people, it is good to know that you have choices when it comes to financing your home. There are many types of loans today, from personal loans, cheapest unsecured loans to home loans. Experts advise people to sue home loans if they need money for their home. One of the most popular home loans today is the HARP loan.

HARP stands for Home Affordable Refinance Program. The original HARP expiration date was June 10, 2010 but it was extended to June 30, 2011. Thousands of people have filed for the HARP and there was so much talk about it when it first came out. A lot of people were clamoring for something which can help them keep their homes and as an answer to their demands, the HARP loan was launched by the government.

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The HARP loan is beneficial to a lot of people. But, before you apply for it, you have to make sure that your loan is owned and guaranteed by Freddie Mac or Fannie May. You can get in touch with your mortgage servicer. You also have to the owner of a 1 to 4-unit home or residential property. Your mortgage needs to be current. There should be no 30 days late within the past 12 months. If your loan is all of the things listed above, then you can get a HARP loan. However, your servicer is the only person can tell you if you really qualify. In order to apply for the loan, you must gather the list of things below:

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  • Mortgage statement
  • Account balances & monthly payments due on all your credit cards
  • Account balances & monthly payments on all debts including student loans
  • Info about monthly household income before tax
  • Income documentation
  • Info regarding a 2nd mortgage
  • Tax returns
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