How am I supposed to take advantage of the Making Home Affordable or HUD Under Water Refinance program?

Posted on Oct 17, 2012 in Unique Loan Programs

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Question by Smartstuff: How am I supposed to take advantage of the Making Home Affordable or HUD Under Water Refinance program?
If my lender has opted “not to participate”… it doesn’t make sense! No wonder why no one has taken advantage of these programs… they clearly state that the 1st lien holder must be in agreement to reduce the principal or lower the interest rate. Requirements to qualify, thumb you can’t be behind on any payments, page your credit has to be good, and you have to be able to “afford” the new payments. All which apply to my situation… I just can’t get a refinance because of the economy and housing decline.

So yeaha right… like my credit union is going to take the hit just because I want to pay less??? Someone please tell me there’s a way to do this… or the system is more f-ed up than I thought….

Best answer:

Answer by Jennifer
For the Making home afordable program You may be eligible to apply if you meet all of the following:

You have a mortgage owned or guaranteed by Fannie Mae or Freddie Mac.
You do not have an FHA, VA or USDA loan.
You are current on your mortgage payments and have not been more than 30 days late making a payment over the last year.
Have a first mortgage not exceeding 125 percent of the current market value of your home.
The refinance will improve the long-term affordability or stability of your mortgage.
You have the ability to make the new payments.
*Eligibility criteria are for guidance only. Contact your mortgage servicer to see if you qualify for HARP.
The HARP program is offered by many servicers. Homeowners should check with their mortgage servicer (the company to which homeowners make their mortgage payments) to determine if they are participating in HARP. If their mortgage servicer is not participating, the homeowner may contact other lenders that participate in HARP to determine if they are eligible for a refinance.

Other company can help just call aroung if you meet the requirements.

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