This is a great article on the federal program posted in the National Associaltion of Realtors new website, www.houselogic.com.
Making Home Affordable, the federal program aimed at aiding struggling homeowners, offers two options: refinancing and loan modification. An otherwise financially stable homeowner who can’t secure a lower rate on a mortgage because property values have fallen could benefit from the refinancing option.
Don’t expect to breeze through the Making Home Affordable qualifying process. You’ll need a lot of documentation and patience. With so many homeowners looking for help, lenders are scrambling to keep up with demand. Have all your paperwork in order before applying for a refinance to speed up the process.
Qualifying for making home affordable
Making Home Affordable’s refinancing option is known as the Home Affordable Refinance program, or HARP. It’s designed for homeowners who, although keeping up with payments, are prevented from refinancing their mortgages to lower rates due to declining home values. HARP might be right for you if your rate is above-market and your current mortgage amount is near or more than what your house is worth.
You need to be current on your mortgage payments to qualify…
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