Government's HARP - making home refinance easier for some

As a result of the 2007/08 real estate "bottom-out" many people are still dealing with properties where they owe more than the property is worth.  Or, it's pretty close to that scenario.... they have very little equity in the home, with a big mortgage payment that's hard to manage. 

The Goverment has released more details regarding the HARP (Home Affordable Refinance Program) this week.... check out this recent article found in the Real Estate Daily News....

Gov't Announces More Refinancing Program Details

Daily Real Estate News | Thursday, November 17, 2011

This week, the federal government released more details about its revamped Home Affordable Refinance Program, which sets out to allow more home owners to refinance their mortgage and take advantage of ultra-low rates. The program is geared to those who are current on their mortgage but may be underwater, owing more on their homes than they are currently worth.
Here are some more details about the changes coming to HARP:

• Borrowers must be current on their loan and have no delinquencies in the last six months. A borrower can be 30 days late, however, on one payment in months seven to 12 of the past year. Borrowers much have 20 percent or less of equity in their homes to participate. 
• Loans must be owned or guaranteed by Fannie Mae or Freddie Mac before May 31, 2009. Borrowers can see if Fannie Mae or Freddie Mac backs their mortgage by visiting www.freddiemac.com/mymortgage or wwww.fanniemae.com/loanlookup. 
• The revamped HARP program will begin Dec. 1, 2011, and run until Dec. 31, 2013. Participating in the program is voluntary for lenders. 

Source: “Mortgage-Refinancing Program Undergoes Changes,” Chicago Tribune (Nov. 16, 2011)