Refinance Your Underwater Mortgage
Laura Adams, MBA
Quick Tip: Want to Refinance Your Underwater Mortgage?
Quick Tip: Want to Refinance Your Underwater Mortgage?The federal Home Affordable Refinance Program (HARP), which was set to expire this month, has been extended a year to June 2011. That’s great news for homeowners who want to refinance their mortgage but can’t because their home value is below the normal loan to value underwriting guidelines.
You may be eligible for the HARP Program if your mortgage is owned or guaranteed by Fannie Mae or Freddie Mac, you’re current on your payments, and your mortgage balance doesn’t exceed 125% of your home’s value. Go to makinghomeaffordable.gov for more program details and contact your lender about refinancing under this federal program.
Mortgage image courtesy of Shutterstock
About the Author
Laura Adams received an MBA from the University of Florida. She’s an award-winning personal finance author, speaker, and consumer advocate who is a frequent, trusted source for the national media. Money-Smart Solopreneur: A Personal Finance System for Freelancers, Entrepreneurs, and Side-Hustlers is her newest title. Laura’s previous book, Debt-Free Blueprint: How to Get Out of Debt and Build a Financial Life You Love, was an Amazon #1 New Release. Do you have a money question? Call the Money Girl listener line at 302-364-0308. Your question could be featured on the show.