Announcement: HARP Program Extended

It was announced this month that the Home Affordable Refinance (HARP) Program has been extended thru December 31st, 2018 to homeowners that are eligible to refinance their loans. Here is what you need to know.

What Is HARP?

The Home Affordable Refinance Program (HARP) is a federal program of the United States, set up by the Federal Housing Finance Agency in March 2009, to help underwater and near-underwater homeowners refinance their mortgages.

This program benefits homeowners whose mortgage payments are current, but who cannot refinance due to dropping home prices in the wake of the U.S. housing market correction.

What Is Required to Qualify for HARP?

While there may be additional criteria imposed by the mortgage servicer, the government requirements are as follows:

  • The mortgage must be owned or guaranteed by Freddie Mac or Fannie Mae. It is important that you check who owns your loan. Even if you got it through a bank, it is very likely that the loan was sold to Freddie Mac or Fannie Mae.
  • The mortgage must have been acquired by Freddie Mac or Fannie Mae on or before May 31, 2009.
  • The homeowner must not have a previous HARP refinance of the mortgage, unless it is a Fannie Mae loan that was refinanced under HARP during March-May 2009.
  • The homeowner must be current on their mortgage payments, with no (30-day) late payments in the last six months and no more than one late payment in the last twelve months.
  • The homeowner must benefit from the loan by either lower monthly payments or movement to a more stable product (such as going from an adjustable-rate mortgage(ARM) to a fixed-rate mortgage).

How We Can Help You

Our attorneys can:

  • Review your situation and help you decide whether a HARP loan modification makes sense for you.
  • Review your documents and handle the closing of the loan.
  • Explain to you how you can tell if a mailing offering refinancing is legitimate.
  • Tell you if the terms and features of the offer are regulated under the HARP Program.
  • Tell you the kinds of costs and information you can expect from a lender.

What to Bring to Your Free Consultation

  • Mortgage statements
  • Paystubs
  • Bank statements
  • Utility bill or credit card bill
  • Signed tax returns for the last two (2) years
  • Driver's license or State Identification card
  • Any letters you may have received in the mail from Cabanillas & Associates, P.C.