Refinance Your Underwater Mortgage

Laura Adams, MBA,
June 29, 2010

Quick Tip: Want to Refinance Your Underwater Mortgage?

The federal Home Affordable Refinance Program (HARP), which was set to expire this month, has been extended a year to June 2011. That’s great news for homeowners who want to refinance their mortgage but can’t because their home value is below the normal loan to value underwriting guidelines.

You may be eligible for the HARP Program if your mortgage is owned or guaranteed by Fannie Mae or Freddie Mac, you’re current on your payments, and your mortgage balance doesn’t exceed 125% of your home’s value. Go to makinghomeaffordable.gov for more program details and contact your lender about refinancing under this federal program.

Mortgage image courtesy of Shutterstock