Government Home Affordable Refinance Program (HARP)

If you can’t afford your home mortgage, the Home Affordable Refinance Program (HARP) may help you. The Making Home Affordable program is a government initiative to help homeowners keep their homes. This program includes a component that helps homeowners with their mortgage payments. To be eligible, you must meet certain conditions. For more information on those criteria, see the section below. If your mortgage is underwater or upside down, you may be eligible for a refinance through this program. The program allows borrowers who qualify to refinance a loan that is 105-125% of the total value of their home.

Not every loan that is underwater (meaning you owe more on the home than it is worth) qualifies for the HARP program. This means that you can’t have started the process of foreclosure, or be at risk of foreclosure. If you have not paid your mortgage on time in the last year, you will not be able to get help from HARP.

If either Freddie Mac or Fannie Mae own the home loan, then the other condition is satisfied. That means that the current owner of your loan may have bought it from your original bank or lender, or from the company you originally took the loan from.

This is just an option Your ability to apply for and take advantage of the federal government Home Affordable Refinance Program (HARP) will depend on your past payment history and other factors including your credit score, the structure of the current home financing market, and specific lender and bank guidelines and regulations.

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Can this help everyone? Jason Bonarrigo, a senior mortgage banker with Wells Fargo Home Mortgage of Boston, says the answer is no.

This means that Bonarrigo and Wells Fargo will no longer offer loans to people who owe more on their mortgage than their home is worth. Experts say that if you think you might be eligible for this type of loan, you should review all the information and investigate your eligibility.

If you are struggling to make your mortgage payments, HARP could help you by lowering your monthly payments by $300 or $400. This means that if you are close to a foreclosure filing, this could be the difference between keeping and losing your home.

If you are struggling to make your mortgage payments, you may be eligible for the Home Affordable Refinance Program (HARP). This program is run by the federal government and may be able to help you lower your monthly payments. Contact your lender or mortgage servicer to see if you qualify.

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