The Homeowner Affordability and Stability Plan
A part of American Recovery and Reinvestment Act of 2009
The Homeowner Affordability and Stability plan is officially ON now and more details were publicized by the U.S. Department of the Treasury today, on March 04, 2009. Amongst all the rapid changes and all the big news
in the financial sector including H4H, Citicorp and AIG etc., we need to focus on what this really means to me and you.
The HASP has two parts, Refinance and Modification. The Home Affordable Refinance part is for the homeowners with solid payment history. The other part is the Home Affordable Modification for at-risk homeowners.
Unfortunately for the appraisers, it is stated that "an appraisal will not be necessary on some cases",... may be on all cases. This is to speed up the process and sounded like as if the appraisal process was the
reason for the delay, not the other lengthy process of the servicer. Anyway, it surely does not "create jobs" for appraisers, instead, create risks.
Beware of Rescue Scams
As I have mentioned in the previous post, the lender is required to service all eligible loans and to use a NPV(Net Present Value) test on at-risk loans and notify the homeowner. However, it is best to check with your lender
in few weeks and ask about this program. I have gathered some useful links for contacts and more information about this program.