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Home Affordable Refinance Program

HARP-Program
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Many homeowners are balancing on that very thin line of barely able to make mortgage payments and not being able to refinance their home due to low equity on the property. Homeowners that can prove that they cannot make their mortgage payments are likely to work out a loan modification with their lender. Alternatively, homeowners with equity in their homes can refinance to either extend the length of their loan or lower their interest rates, both options leading to lower monthly payments.
For those homeowners teetering in the middle there are options, the Home Affordable Refinance Program (HARP) is one such option. It is important to note that not all mortgage servicers offer this service and that the program is offered through December 31, 2015.
Do you qualify?
· If the mortgage is guaranteed by Freddie Mac or Fannie Mae · If the mortgage was sold to Fannie Mae or Freddie Mack before May 31, 2009 · If the loan has not previously refinanced through HARP · If the current loan-to-value ratio is more than 80 percent · If the mortgage payments are current at the time of the application and the previous 12 months

What is the next step?
If you think you may qualify to take part in the HARP program, your should contact your mortgage company and find out what refinance rates are available.
Options are available to prevent foreclosure. Facing financial difficulties does not mean that you have to lose your home, if you’re not sure what your next step should be, call Graham Legal, PA for a free no-obligation consultation.

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