Can the HARP Program help me?
If you are are one of the thousands of South Florida homeowners struggling to make your mortgage payments, but you can't refinance at today's lower rates because you're "underwater" (the mortgage on your home is more than the home is worth), there's a goverenment program that may help. It's called HARP, or Home Affordable Refinance Program. Your loan has to be owned or guaranteed by Fannie Mae or Freddie Mac and you must be current on your payments. How do you know if your loan is a Fannie Mae or Freddie Mac loan? Check out these webistes to find out: www.fanniemae.com/loanlookup and www.freddiemac.com/mymortgage .
Her are some other stipulations:
The mortgage MUST have been sold to Fannie Mae or Freddie Mac on or before May 31, 2009.The mortgage CANNOT have been refinanced under HARP previously unless it is a Fannie Mae loan that was refinanced under HARP from March-May, 2009.The current loan-to-value (LTV) ratio MUST be greater than 80%. It can be over 100%...in other words, you're "underwater".You MUST be current on the mortgage at the time of the refinance, with no late payment in the past six months and no more than one late payment in the past 12 months.You have a reasonable ability to pay the new mortgage payments.The refinance will improve the long term affordability or stability of your loan
For more answers to your questions, go to www.harpprogram.org .
In Palm Beach, Broward and Miami-Dade counties, there are over 1500 Fannie Mae or Freddie Mac backed mortgages, so the odds that yours is one of them are not too bad, But if you don't meet all the criteria above, for example, if you've missed several payments, your probablility of being able to refinance is slim. If you live in the Jupiter area and need advice on what to do, please don't hesitate to contact me. I specialize in short sales and get them done as quickly and efficiently as possible, The law firm I work with has closed hundreds of short sales, often negotiating a full financial release for the homeowner/borrower. We can help, and we always do what's in your best interest. Give me a call. 561 512-1575.