If your house is worth less than your mortgage, you still may be to refinance your home. The Home Affordable Refinance Program (HARP) is a federal program designed to help homeowners who have current mortgages made before May 31, 2009 that are owned or guaranteed by Freddie Mac or Fannie Mac. If you are interested in the HARP program move quickly because you must apply for HARP relief by December 31, 2015. Many banks have been sending letters to their current mortgage customers, offering HARP refinances. However, you don’t have to wait for a letter from your lender. Even if your existing mortgage company is not participating in HARP, you can apply directly through the website established for the program: http://harpprogram.org. You can also contact any lender that participates in HARP to apply for the program. Owners with a second mortgage are qualified, but the lender who holds the second mortgage must agree to keep the loan in a secondary position to the new HARP loan.
Even owners who don’t qualify for HARP should consider refinancing to qualify for today’s historically low mortgage rates.