Chances are that your mortgage was
backed by Fannie Mae or Freddie Mac – let's hope.
If your mortgage is now underwater and
you've sucked up all of the equity like Dracula on a fresh vein, let
me walk you through the process of getting out from under, getting
some real sleep, and ending the fantasy loop running in your mind of
taking a blow torch to your mortgage company – no violence
necessary. You can even wrap this up in less than a month – it's
true.
HARP – the Home Affordable Refinance
Program actually began in 2009 and was put in place by the Obama
Administration to help home owners find relief instead of abandoning
their life long dreams in the middle of the night. Whether your
original mortgage is with Wells Fargo, Bank of America, Citibank, or
Chase, it's probably backed by Fannie or Freddie and was sold to a
much smaller mortgage company you never heard of. You may still
qualify for a HARP. And guess what? If your lender won't process
your HARP, you can do it with another lender – don't lose heart,
all is not lost. If you have an FHA loan, you may qualify for a
Streamline Refinance Loan, which is similar.
One requirement is that you be current
on your loan. This is to make sure you have a chance to make your
payment more affordable and allow you to save for your other dreams –
retirement, college for your children, and the continued quality of
home ownership.
Banks are creating their own subtle
changes into HARP, so be prepared to shop for the best rates and the
qualifiers that relate to you. My advice is to gather all of the
material and research before you jump in paying fees and losing time
filling out voluminous forms. My other advice is to seek the help of
your banker. They've got your money, make 'em work for it. You're a
customer, not a vagrant, and if they don't appreciate you – dump
them. If no bank makes any loans, they are going to go out of
business.
If you need to be pointed in the right
direction, please give me a call.
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