New refinance opportunity with HARP program
Many homeowners with "under water mortgages" can still refinance their loan with a lower cost affordable mortgage thanks to the Home Affordable Refinance Program (HARP) - recently revised and extended until December 31, 2013.
Established in 2009 for Fannie Mae and Freddie Mac-owned mortgages, the HARP program provides an option for homeowners to refinance "under water mortgages." The program addresses situations where the homeowner's property value has fallen below the mortgage balance causing the owner to no longer qualify under traditional underwriting criteria.
New HARP guidelines were recently announced by Fannie Mae and Freddie Mac. Both of these GSEs (government sponsored enterprises) have posted details of the program modifications and procedural changes on their respective websites for mortgage servicers to follow.
To see if you qualify for HARP refinance, click here