The Affordable Home Refinancing Program (HARP) was a program offered by the Federal Housing Finance Agency to homeowners who own homes that cost less than their outstanding loan balance.
The program has since ended, but it was intended to provide relief after the 2008 financial crisis.
Even though HARP ended in December 2018, borrowers with mortgage problems still have options.
A lease option is an agreement that gives the lessee the right to choose whether to purchase the leased property during or at the end of the lease period.
2/28 adjustable rate mortgages (ARM) offer an initial fixed rate for two years, after which the interest rate is adjusted semi-annually for another 28 years.
A 5/6 Adjustable Rate Hybrid Mortgage (ARM 5/6 Hybrid) is a fixed rate mortgage for the first five years and then adjusted every six months thereafter.
An 80-10-10 mortgage consists of two mortgages: the first is a fixed-rate loan of 80% of the value of the home; the second - 10% as a loan secured by equity capital; and the remaining 10% as a down payment in cash.
Illegal possession is a legal process whereby a person who is not the owner of a piece of land acquires title and ownership of that land after a certain period of time.
A movable property loan is secured by a movable item or movable property that is used to purchase the loan. The creditor has the right of ownership of the movable property.