Menifee, CA The new and improved HARP Program is launching November 15th and lenders will be introducing the program to underwater borrowers over the next several months. There is no clear picture as to which lenders are rolling out the program and those participating just yet.
Some of the requrements are that the loan must be owned by Freddie or Fannie, and your current mortgage must have a securization date prior to June, 2009.
If you are uncertain if your loan is held by Freddie or Fannie there are 2 websites you can visit.
http://www.fanniemae.com/loanlookup/
https://ww3.freddiemac.com/corporate/
Once you determine if your loan is owned by either contact your lender and tell them you would like to discuss if you are eligible for the new HARP Program. This is a great starting point.
The new and improved HARP program doesn't care how far underwater you are (the previous program had a restriction of 125% LTV), as long as you are current.
There are other restrictions and guidelines but first things first. If you are underwater and you determine you are owned by Freddie or Fannie and you secured the loan prior to 2009....than that is the first step.
Please check my posts regularly. I will be posting more information on the HARP program as I learn more about which lenders are moving forward.
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