HARP (the home affordable refinance program) is getting a lot of attention nowadays, since it's more liberal than it used to be. Who does it help? It helps people who have a Fannie Mae or Freddie Mac-owned loan (you can find out if that's you by looking here), and meet other qualifications.
Since you have to have a good repayment record (no missed payments in the last 6 months, and no more than one in the last 12 months), it's not for people between the devil and the deep blue sea, just people who are underwater and would like to get a better deal. While you are considering it, keep in mind that besides the government qualifications, the lenders may have qualifications of their own, and they may vary from one to another. So if you get turned down by one, check out other eligible HARP lenders.
What if you need help, and don't qualify for HARP? There is a list of other federal mortgage aid programs by the federal government. You can call housing counselors around the clock at 888-995-4673. For a face-to-face talk with a reputable person in your area, see the list of HUD-approved counselors.
Since you have to have a good repayment record (no missed payments in the last 6 months, and no more than one in the last 12 months), it's not for people between the devil and the deep blue sea, just people who are underwater and would like to get a better deal. While you are considering it, keep in mind that besides the government qualifications, the lenders may have qualifications of their own, and they may vary from one to another. So if you get turned down by one, check out other eligible HARP lenders.
What if you need help, and don't qualify for HARP? There is a list of other federal mortgage aid programs by the federal government. You can call housing counselors around the clock at 888-995-4673. For a face-to-face talk with a reputable person in your area, see the list of HUD-approved counselors.
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