The recently announced HARP 2.0 (Homeowner Assistance Refinance Program) has been supported by four of the country’s largest banks including Bank of America, Chase, Citigroup and Wells Fargo. It should be implemented some time in December or January.
According to this article on DSNews.com, a key change is that HARP 2.0 will facilitate “cross-servicing refinancing” because with the new waiver on representations and warranties, the new lender is not required to assume responsibility for underwriting deficiencies that may have occurred with the original loan.
The waiver is a key provision because it no longer requires borrowers to re-finance only through their existing lender. This is a great program as it helps those who pay their mortgages on time obtain current competitive interest rates.
For more information, visit www.EpicDevelopment.com or call Jim LaVallee at 404-847-9080.
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