affordable: Underwater Mortgage Refinance
- 10/24/11 11:48 AM
Today, President Obama announced some changes to the current Home Affordable Refinance Program or HARP. The goal is to allow more of the 10 million homeowners that are currently underwater to refinance at todays low rates. The current program will not allow you to refinance if your mortgage balance is currently 25% higher than what the home is worth. Under the new program those barriers will be lifted, which will help a lot more people, especially those who live in areas like Las Vegas, where the value has dropped more than 50%. Also, there will be less fees, which can often defeat the purpose … (2 comments)
Today, President Obama announced some changes to the current Home Affordable Refinance Program or HARP. The goal is to allow more of the 10 million homeowners that are currently underwater to refinance at todays low rates. The current program will not allow you to refinance if your mortgage balance is currently 25% higher than what the home is worth. Under the new program those barriers will be lifted, which will help a lot more people, especially those who live in areas like Las Vegas, where the value has dropped more than 50%. Also, there will be less fees, which can often defeat the purpose … (2 comments)
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