Many of us know of homeowners who owe more on their home than its current value and feel they have no opportunity to take advantage of today’s lower rates to improve their financial position.
Thankfully, the Home Affordable Refinance Program (H.A.R.P) has been updated and is now more helpful than ever. This program requires the borrow to have been current on their mortgage payments for the last twelve month and have an income source, but in most cases the documentation required is lower and an appraisal isn’t required.
You can get more information from www.makinghomeaffordable.gov, but many homeowners do well by sitting with a qualified Mortgage Loan Counselor to compare options. If I can help you with a recommendation, please contact me!