HASP Loan.ORG

HASP – Fact Sheet

One of the first programs to come out of all the Government’s bailout packages to affect typical middle class americans is a new program called the Homeowner Affordability and Stability Plan usually referred to as the HASP or the HASP Loan.

There are 3 key goals of the Obama Administration in producing this plan:

1) Allow Refinancing for the Typical Responsible Homeowner Suffering from Falling Home Prices

2) Proper utilization of the Comprehensive $75 Billion dollar Homeowner Stability Initiative

3) Support and Reinforce Low Mortgage Rates by Strengthening America’s Confidence in Fannie Mae and Freddi Mac.

The Government’s reasons to back this loan program and who the program reaches are listed in the HASP Facts described in the remainder of this posting.

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Stimulus Bill Funding Map

Stimulus Bill Funding Map

HASP Program funding amount is represented by the small green circle
under the major heading of Housing and Transportation in this illustration

Stimulus Bill - Bailout Program Funding Map

HASP is Good Choice, HASP is Poor Choice, My Refinance, Refinance Guidelines, Uncategorized, Your Refinance fannie mae, freddie mac, government assistance, home loans, homeowner assistance, preventing foreclosure, reducing payments, stimulus funding

Additional HASP Information – Current lenders

I gained more HASP Information today. I learned that the HASP program requires we all have to work with the current Lender that holds our Mortgages. I called other lenders to see if they would do the HASP loan and they said that I had to use the same Lender that held my mortgage. This is important to understand so you don’t go searching in the wrong places.

In speaking with my Lender Countrywide Financial, there is another program that is called a Short Payoff Refinance. They told me to go to the website www.FHA.gov and to contact them about the short payoff refinance.

I called and spoke to a HUD credit counselor. We went over our income and assets. The credit counselor is submitting a letter to my Lender requesting a short payoff refinance. I may need to provide a copy of our year to date pay stub and bank statement as documentation to support the modification. She said this process can take up to 3 months and I may need to call every week.

I’ve decided to setup 3 areas:

1) Refinance Guidelines – Lists of rules to be successful in obtaining your HASP Loan Refinance.

2) HASP is poor choice - Reasons not to get a HASP Loan Refinance, sometimes there are good reasons to look for other types of loans.

3) HASP is Good Choice – Reasons to get a HASP Loan Refinance. Just the Pros talked about here.

4) Your Refinance – Share your experience with other Major Lenders, a way to help others.

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