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Monday, December 12, 2011

Government Mortgage Refinancing for Borrowers who are Current

 HARP: Government Mortgage Refinancing for Borrowers who are Current


 


According to the United States Government, the Home Affordable Refinance Program (HARP) is designed to help borrowers who are unable to obtain a traditional refinance due to their home’s decline in value. A refinance through HARP should result in lower monthly payments. Keep in mind, however, that applying for refinancing via HARP is applying for a new loan. Thus a loan application needs to be completed, refinancing fees apply, and an underwriting evaluation process will occur. You must be current on your mortgage loan to qualify for HARP.


If a traditional or HARP refinance isn’t the right option for you, a mortgage loan modification may be an option. While making it through the mortgage loan modification process can be challenging, it can be done.


McGrath & Spielberger, PLLC provides assistance to borrowers in need of mortgage relief services, such as mortgage loan modification, foreclosure negotiation, and deed-in-lieu or other negotiated settlement resolutions.