Foreclosure Avoidance through Affordable Government Guaranteed Refinancing

How to Qualify For Affordable Refinancing HARP

If you find yourself overwhelmed by rising mortgage payments and home sinking in value like many folks these days, take a look at these Government programs that were introduced to help Homeowners keep their homes and avoid foreclosure :

1. Affordable Refinancing (Part I)

2. Affordable Loan Modification (Part II)

To find out if you can qualify under the Home Affordable Refinance Program (HARP) , you need to be able to answer yes to the following:

1. Your property must a be 1-4 unit home.

2. Your existing loan must be a Fannie Mae or Freddie Mac guaranteed loan

3. You must be current on your mortgage payments.

   Your current home value is at maximum 25% less than what you owe on your first mortgage, i.e Your First Mortgage cannot be more than 125% of the current value of your home.

Examples:

Home value = $100,000 -- First Mortgage not more than $125,000
Home value = $200,000 -- First Mortgage not more than $250,000
Home value = $300,000 -- First Mortgage not more than $375,000

How to find out if your existing First mortgage is an FHA loan guaranteed by Fannie Mae or Freddie Mac ?

If you believe your situation falls under the criteria above, then go to Making Home Affordable and start the process.

If you already missed one or more mortgage payments go here How to Qualify for Affordable Loan Modification