FHFA described August's refinance volume as "comparable to levels in 2008." While overall refinancing activity increased, however, the number of refinances completed through HARP fell again to a combined 14,066—accounting for about 11 percent of total volume compared to July's 13 percent.
Year-to-date, HARP refinances at the GSEs totaled 160,706 as of the end of August, a meager total compared to the 721,813 HARP refinances recorded by this time last year. Despite the hundreds of thousands of Americans still eligible for the program, interest in HARP has steadily fallen off in the last year, prompting FHFA to launch an outreach initiative to educate borrowers on its benefits. So far this year, the agency has hosted events in Atlanta, Chicago, and Detroit in an effort to tap into those markets.
Speaking at the Chicago event in July, FHFA Director Mel Watt said HARP numbers are down partly because hold-out borrowers are skeptical about the program.
"We are down to the people who don't believe this is a credible program," Watt said. "We've got approximately $72 million that we'd like to give away in this metropolitan area. People won't come in and say, 'I want that money.'" Despite declining volumes, a handful of states continue to see a large portion of HARP refinances as a share of total activity. Year-to-date through August, HARP refinances represented 34 percent of total refinances in Georgia, double the national share of 17 percent. HARP refinances are also popular in Florida, where they account for 32 percent of total volume.
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We provide a plethora of services to clients within the area of real estate law including preparing and negotiating contracts and the acquisition and sale of both commercial and residential property. We will guide you through the challenging and sometimes complex process of purchasing or selling real estate. The firm specializes in residential and commercial real estate law, representing buyers, sellers, lenders and developers in the New York area.Read More
We offer a full range of services to both landlords and tenants including providing representation in all New York court proceedings such as Non-Payment Proceedings, Holdover Proceedings, Trials, Abatement hearings, Nuisance holdovers, Owner Occupancy Proceedings, Licensee Holdovers, Month to Month Evictions, Breach of Contract/Lease Violations, Marshal's Notices, Orders to Show Causes & Other Motions, Litigation Lease drafting andnegotiating,Read More
We counsel and represent clients with regard to civil disputes in a diversity of matters including real estate litigation, contract disputes, landlord/tenant litigation, foreclosure litigation and representation at the Division of Housing and Community Renewal (DHCR). If you have questions concerning these types of litigation, please contact me immediately so I may assist you.Read More
We represent clients in foreclosure litigation actions. We prepare, file and serve Answers, Motions and Order to Show Causes to assist the homeowner in defending themselves in these actions and ultimately helping them prevent the sale of their homes. Court Appearances are made throughout the New York area to either conference or litigate each action with the court and the bank attorney.Read More
We assist Churches, Temples and other religious organizations in obtaining Attorney General and Court approval for loans and closings. The first step is to obtain approval from the New York State Attorney General's Office. I prepare and submit the Order and Petition with the necessary supporting documents to their office for approval.Read More
We prepare and submit Condominium Offering Plans to the New York State Attorney General's Office for approval. Before a condo can be sold, the offering plan must be approved by the Attorney General's Office for approval. Before a condo can be sold, the offering plan must be approved by the Attorney General's Office. After an initial consultation, I will send you a retainer agreement and a list of documents necessary to begin working on the plan immediately and to submit the plan for approval.Read More
One of the most important decisions in starting a new business is choosing the correct entity through which to conduct your business, be it a corporation, limited liability company, partnership, or some other entity form. We advise clients as to the correct business entity for their specific purpose and prepare all necessary documents relating to the formation and administration of such entity including shareholder agreements, partnership agreements, and operating agreements.Read More
Bankruptcy laws help people who can no longer pay their creditors get a fresh start – by liquidating assets to pay their debts or by creating a repayment plan. Bankruptcy laws also protect troubled businesses and provide for orderly distributions to business creditors through reorganization or liquidation. Most cases are filed under the three main chapters of the Bankruptcy Code – Chapter 7, Chapter 11, and Chapter 13. Federal courts have exclusive jurisdiction over bankruptcy cases. This means that a bankruptcy case cannot be filed in a state court.Read More
"A Loan Modification is when your servicer agrees to issue a new loan by modifying the term, rate, or amount of your existing loan. A modification is a new mortgage. Many homeowners have recently been submitting their modifications themselves. Yet, they are not aware of the detailed underwriting guidelines their servicer may have when it comes to modifications. Unless you have a detailed understanding of how mortgages work in regards to debt to income ratios, disposable income, acceptable household income, and contributions then you may be submitting a modification that will be denied from the time you press send on the fax.Read More
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