My mortgage is underwater by 15%. I refinanced my mortgage (30yr conventional) from 6. 5 to 5% through HARP loan process (Wells Fargo/ Freddie loan). I know that HARP loans cannot be refinanced under HARP. Is there any new government program that lets me refinance to lower interest value? I pay my mortgage on time and cannot demonstrate hardship. I was happy to learn… You are correct that the HARP program does not allow for a second HARP refinance (except for a very few loans that were done in the beginning of the program between March 2009 and delivered by May 31, 2009). There is currently no program that deals with your situation. The new Obama refinance plan addresses non-Freddie and Fannie loans, for people who are not eligible for the HARP program, but, at this point, it is only a proposal. Some of the new programs deal with loan modification and foreclosure. Since you are paying on time, and do not have a financial hardship, you will not qualify for the loan modification programs. Keep making your payments on time, maintain a good credit, and keep track of the mortgage rates and value of your house. Perhaps, there will be an opportunity in the future to do another refinance, at a better rate, once home prices rebound. Until then, keep in mind that 5% is, by historic terms, a very good rate.
The New HARP loan, home affordable refinance program, that is in the works looks like it will help millions of underwater home owners refinance into the current low market rates. Please contact MOrgan Fianncial today at 321-757-3570 for details. Www. Morganfinancial. Net www. Themfblog. Com