The HARP program is known commonly as the "upside down refinance." Hurry, it ends December 31, 2013. Here are the details to qualify:
Unless it was a Fannie Mae owned loan that was previously refinanced from March through May of 2009.
You must have a current LTV meaning Loan to Value (Loan is what you owe, value is what the home is worth) of more than 80%
Please check your Freddie Mac potential eligibility here
Please check your potential eligibility for Fannie Mae Here
Click on this link to visit the main government operated page for All of the guidelines.
You Don't Have to Use Your Current Lender!
You can try to contact your current lender, but you will have to go
through the same prequalifying process, so shop around! I used this
program myself, you can use any approved lenders. Compare a few, because based on what closing costs (lending fees they charge, this gets added to your mortgage, so it makes a difference. Please shop for the best terms and rate.
Free services to Help You
There are so many FREE options out there to assist you.
FHA Short Refinance If you are NOT behind on payments and your loan is NOT owned by FMAE, FMAC, VA, FHA or USDA you may be eligible for this other program. Don't forget you can call for FREE help or visit the information links above.
To find out about the FHA short refinance for negative equity borrowers, please visit This page.
Thank you for taking the time to learn more about the HARP Program. I
hope you can help yourself or refer this page to a friend.