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Does it matter how far underwater my mortgage is

Posted on September 18, 2012 in Financial | by

Joshua Bucio is a local Mortgage Advisor in Milwaukee, WI and he has helped thousands of underwater homeowners refinance their mortgage. There is now a mortgage program that will allow homeowners with little equity, no equity or completely underwater refinance their mortgage into a lower interest rate.

The new program is called the HARP 2.0 refinance program. Many homeowners have taken advantage of the very low interest rates and refinanced with the HARP 2.0 program.

Here are some frequently asked questions to help people know if this program can help them refinance.

Does my mortgage have to be with a particular lender or servicer?

No. The HARP program only requires your mortgage to be backed by Fannie Mae or Freddie Mac. It does not matter which lender services your mortgage (who you make your payments to).

Does it matter how long I have had my mortgage?

Yes. Your mortgage had to be accepted by Fannie Mae or Freddie Mac before June 1, 2009. Typically, if you closed on your current mortgage in April of 2009 or earlier, you most likely will qualify, because it would have been accepted by Fannie Mae or Freddie Mac in time.

How do I know if my mortgage is with Fannie Mae or Freddie Mac?

Go to http://www.milwaukeeharprefinance.com and we will look this up for you. We do this for free and we do the homework to make sure you qualify for this program.

Does it matter how little equity I have or how far underwater my mortgage is?

No. There is no limit to how far underwater you are, but you cannot have more than 20% equity in the home.

What if I have a second mortgage or home equity line of credit?

That’s ok. We will keep your second mortgage or home equity line of credit open by requesting a subordination from the current lender. You cannot payoff your second mortgage with the HARP program.

What if I have mortgage insurance (aka PMI) as part of my payment?

That’s ok. Your current mortgage insurance payment will be transferred to your new mortgage payment. This will not prevent you from qualifying.

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