Category Archives: making home affordable program

Underwater on Your Mortgage? A New Refinance Program May Help You

Are you feeling trapped by your mortgage?

The HARP II Refinance Program May Help You

With the new Home Affordable Refinance Program (HARP) loan, you may be able to refinance no matter how upside-down your mortgage is!

If you currently have a mortgage held by Fannie Mae or Freddie Mac, the HARP II refinance loan can help you lower your interest rate, decrease your monthly payments and help you start turning your finances around.

Under the enhanced and expanded provisions of HARP you may be able to receive one of the following benefits, either a reduction in your interest rate, a reduction in the amortization term, a reduction in your monthly principal and interest payment or a move from an adjustable rate loan to more stable loan product.

You may be eligible for this refinance program if your FICO score is 620 or above and your home loan was sold to Freddie Mac or Fannie Mae before June 1st, 2009. If you are eligible for the program there are no loan to value restrictions and the appraisal fee may be waived.

If you would like to find out if your mortgage loan is held by Freddie Mac or Fannie Mae, you can look up your information on their respective websites: www.freddiemac.com/mymortgage or www.fanniemae.com/loanlookup.

To find out more about taking advantage of the Home Affordable Refinance Program II, contact your lender or local mortgage professional today.

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Help for Homeowners –

If you are having difficulty making your mortgage payments or are at risk of falling behind in your mortgage payments you, there may be help for you to enable you manage your payments and stay in your home. To explore your options you should first visit the government website www.makinghomeaffordable.gov to find out if you can take advantage of the “Making Home Affordable” program. You may be eligible for special refinancing or loan modification if your mortgage company is participating in this program. You can find out if your loan is eligible for refinancing or modification by going to http://www.makinghomeaffordable.gov or by contacting Fannie Mae, at 1-800-7FANNIE (8am to 8pm EST) www.fanniemae.com/loanlookup or Freddie Mac 1-800-FREDDIE (8am to 8pm EST) www.freddiemac.com/mymortgage
You don’t have to be behind on your mortgage to seek help with this program. If you have a loan that is an adjustable rate mortgage, a balloon note or a high interest rate you may be able to refinance at a better interest rate. Or if you are experiencing a financial hardship due to a loss of income since you obtained your loan, you may be eligible for a home affordable loan modification. If you qualify for the loan modification option, participating lenders may even be able to reduce your first lien mortgage payments to no more than 31% of your gross income, by either reducing your interest rate, increasing the term of the loan or by a forbearance. Go to www.makinghomeaffordable.gov today to see if you may be eligible for loan modification or contact your lender and ask if they are participating in “the Home Affordable Modification Plan” or HMP.
Visit www.knowyouroptions.com to explore your options

If you are a homeowner and are already 90 days behind on your your mortgage payments you may be able to get help through the Emergency Homeowners’ Loan Program. This program is only available for a limited time so you must act quickly. To learn more go to Emergency Homeowners' Loan Program or cal 1-888-995-HOPE today to learn more and speak to a housing counselor to discuss your options.