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HARP Program Has Precluded Foreclosure for Some 60,000 Pennsylvania Homeowners

southerndailypress.com | November 18, 2013

A recent report from nationally accredited lender network HARP Mortgage Lender quoted a number of analytics in stating that close to 60,000 homeowners in Pennsylvania were able to avoid foreclosure thanks to the Obama Administration’s Home Affordable Refinance Program. This figure dates back to the launch of the program in 2009, and takes into account HARP’s revision in late 2011.

The HARP program was revised about two years ago, pursuant to allowing a wider range of homeowners to qualify for its benefits. Primarily, thresholds on loan-to-value figures (LTV) were removed from HARP’s criteria, thereby allowing severely “underwater” homeowners to qualify for the program.

A severely underwater borrower is one whose LTV ratio is greater than 125 percent, and with the aforementioned restrictions removed, HARP has become more beneficial than ever before for Pennsylvania homeowners.

Statistics from the Federal Housing Finance Agency current as of August 31, 2013 showed that Pennsylvania had close to 1,300 new borrowers – 1,295 to be exact – added to the total number of borrowers who took advantage of the HARP program. These borrowers were all classified as “severely underwater”, and would otherwise not have qualified for the program had the pre-2011 restrictions been in place, thus having been put at the risk of a foreclosure or a default.

Separate data from RealtyTrac show that as of September 2013, foreclosure figures in Pennsylvania were 17 percent higher month-over-month and 34 percent higher year-over-year. While this does not paint a rosy picture of the state’s housing market, it also means that there are still a lot of borrowers who could preclude foreclosure by refinancing under HARP guidelines.


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CFLA was founded by the Nation's Leading Foreclosure Defense Attorneys back in 2007 to serve the Foreclosure Defense Industry and fight pervasive Bank Fraud. Since opening our virtual doors, CFLA has rapidly expanded to become the premier online legal destination for small businesses and consumers. But as the company continues to grow, we're careful to hold true to our original vision. For us, putting the law within reach of millions of people is more than just a novel idea—it's the founding principle, just ask Andrew P. Lehman, J.D.. With convenient locations in Houston and Los Angeles, you can contact Our National Account Specialist and General Manager / Member Damion W. Emholtz at 888-758-2352 for a free Mortgage Fraud Analysis or to obtain samples of work product, including cutting edge Bloomberg Securitization Audits, Litigation Support, Quiet Title Packages, and for more information about our Nationally Accredited and U.S. Department of Education Approved "Mortgage Securitization Analyst Training Certification" Classes (3 days) 24 hours for approved CLE & MCLE Credit (Now Available Online).

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