Good News for homeowners in the Northwest who may have underwater mortgages or situation where the value has dropped making refinancing under the traditional rules impossible.
Homeowners who hope to refinance existing Tacoma or Seattle mortgages that are "underwater" just got a reprieve that will allow them another year to do so. The Federal Home Financing Agency announced Monday that its Home Affordable Refinance Program (HARP), which was originally set to expire on June 30, 2010, will be extended to June 30, 2012.
The Making Home Affordable Program covers the DU REFI Plus and the Freddie Mac Open Access Program. I receive calls everyday from homeowners looking to refinance their home loans where their current servicer doesn't offer the DU REFI Plus or the Freddie Mac Open Access Program. It's a shame these lenders who took their business in the first place, now have turned their backs and are leaving homeowners stranded.
To see if your current loan qualifies, visit www.makinghomeaffordable.gov and following the links to the Fannie Mae or Freddie Mac website. Or simply call us and we will do it for you. www.mortgageratestacoma.com
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