refinancing: Enhanced HARP Program May Benefit Performing Borrowers - 10/31/11 12:05 PM
 
Modifications to the Home Affordable Refinance Program (HARP) due out November 15
 
For borrowers who haven’t been able to take advantage of today’s interest rate environment due to declining property values and erosion of equity, there may be hope yet. The Federal Housing Finance Agency (FHFA) just announced that it will expand eligibility for the Home Affordable Refinance Program (HARP) to include more Fannie Mae and Freddie Mac borrowers who have been timely in making payments, but may have very little equity or may already be under water. Industry experts estimate that the HARP program has benefitted around 900,000 borrowers to … (0 comments)

refinancing: BPO 101 - DAY 2 - 09/16/09 02:14 PM
BPOs are often associated with foreclosures and short sales, but other companies such as relocation firms order BPOs. A BPO stands for "broker price opinion," and it involves using a process very similar to an appraisal.
Companies hire a real estate broker to prepare an opinion of value. The representative of the broker, generally a real estate agent, compares three similar properties that have recently sold to the subject property and adjusts upwards or downwards for differences. The final result in an opinion of market value.
Broker price opinions are sometimes controversial, especially if the agent preparing the BPO has little … (0 comments)