HARP Program Refinance Changes on March 19, 2012 for Underwater Homeowners

The HARP 2.0 refinance program will become widely available to underwater homeowners on Monday March 19, 2012 and is expected to bring mortgage relief to those who are current on their home loan, but have been unable to refinance into today’s historically low mortgage rates because of their negative equity status.

The full implementation of the revamped HARP 2.0 program, which was initially announced by President Obama in late October of 2011, has taken several months to come to fruition.  And while in recent months it has been available on a manual basis and limited to just the homeowner’s current servicer, the series of changes that the computerized version of the program is undergoing this weekend, will dramatically increase the volume and speed of applications processed (think flying 100 people across the ocean versus 100 people swimming across it).

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To be eligible for a HARP refinance, you can either use this HARP eligibility calculator with detailed eligibility explanations or follow the general guidelines below:

1. Your loan must be owned or guaranteed by Fannie Mae or Freddie Mac. If you are unsure, you can check both Fannie Mae and Freddie Mac’s websites or you can call their toll-free number for confirmation.

2. You must have closed your current loan on or before May 31, 2009.

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3. You must not have made a late payment within the past six months and have had no more than one late payment within the past 12 months.

4. Your loan must fall under the current conforming loan limits. If you are unsure, you can find out here: http://themortgagereports.com/loan-limits/

HARP Program specific contact information for major mortgage servicers with whom you already have a mortgage through (not for new loans or shopping for a new servicer):

Bank of America: 1-800-846-2222
Wells Fargo: 1-877-937-9357
Chase: 1-800-848-9136
Citi: 1-800-283-7918
US Bank: 1-866-932-0462

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  1. Phil Bordeaux says:

    HAHAHAHAHAHAHAHA…..

    Who really thinks this is going to help anyone but that list of servicers? Raise your hand.

    Tell me one “program” so far that has had a significant impact?

    We have the best government money can buy!

    Too bad YOU can’t afford the price of a ticket.

    What a joke.

  2. Roselin Charitar says:

    I’m underwater on my mortgage and not ever late in my mortgage payment. My loan is not from ■Fannie Mae or ■Freddie Mac. My income was reduced from $285,000 to $35,000. I just cant qualify for a modification as per Wells Fargo Modification dept . My loan was with World Saving- Wachovia and now will Wells Fargo. Does anyone know of any program out there that may help me.