Refinance Mortgage Underwater 2012 With HARP 
The revamped Home Affordable Refinance Program (HARP) goes into effect today (March 19, 2012), which is designed to help homeowners in the United States refinance their ?underwater? mortgages. The original initiative was introduced more than three years ago; however, it was ineffective because it only assisted homeowners with a 125 percent loan-to-value limit. And with [...]
The revamped Home Affordable Refinance Program (HARP) goes into effect today (March 19, 2012), which is designed to help homeowners in the United States refinance their ?underwater? mortgages. The original initiative was introduced more than three years ago; however, it was ineffective because it only assisted homeowners with a 125 percent loan-to-value limit.
And with the collective real estate market and the value of most individual properties worth far less than that now when compared to five years ago, HARP was essentially designed to fail right out of the gate. Sure, it might have taken longer than it probably should to fix, but at least now HARP will likely have its intended effect and reward those who have continued to meet their monthly mortgage obligations despite the drastic downturn.
Better late than never.
Key HARP changes include, but are not limited to:
- No ?underwater? limits and/or ratios
- No appraisals and/or underwriting
- Eliminated or modified refinance fees
- Application deadline extended until Dec. 31, 2012
So how do you find out if you are eligible to participate in HARP?
1. Your home loan must either owned or guaranteed by Fannie Mae or Freddie Mac. To find out if it is check these two websites:
2. Your home loan must have been originated on or before May 31, 2009.
3. You must not have made a late payment within the past six months.
4. You must not have had more than one late payment within the past 12 months.
5. Your home loan must fall under the current conforming loan limits (http://themortgagereports.com/loan-limits/)
If all else fails the best alternative plan of attack is to contact your mortgage lender, which should be able to provide you with additional assistance and direction.
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