WatchThis is just in folks. Our government is revamping the HARP program for all underwatered homeowners. FHA will also refinance for folks with negative equity. There is no cap on how much you're underwatered.
http://www.makinghomeaffordable.gov/programs/lower-rates/Pages/harp.aspx
On top of this, our government is looking to do a principle reduction for underwatered homeowners, too.
http://www.nytimes.com/2012/01/24/business/a-deal-on-foreclosures-inches-closer.html?_r=2
Basically, what it mean is, screw you renters. We only reward homeowners, responsible or not. There will not be any shadow inventory. Uh oh!!!
Go team go. :)
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Los Angeles, CA
I saw a billboard at a bus stop advertising the federal HAMP program.
Its really sad watching the US turn into some sort of weird broken republic.
Obama should wear a green suit with large $ signs printed on it and yell at people on TV about what free money the government is giving away like Mr Lesko did for years.
http://mlesko.net/
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Los Angeles, CA
Are they gonna waive the 'must be current on mortgage' also?
The mortgage must be owned or guaranteed by Freddie Mac or Fannie Mae.
The mortgage must have been sold to Fannie Mae or Freddie Mac on or before May 31, 2009.
The mortgage cannot have been refinanced under HARP previously unless it is a Fannie Mae loan that was refinanced under HARP from March-May, 2009.
The current loan-to-value (LTV) ratio must be greater than 80%.
The borrower must be current on the mortgage at the time of the refinance, with a good payment history in the past 12 months.