ALTHOUGH the housing market is increasingly on the mend, hundreds of thousands of homeowners still have little or no equity in their homes and could benefit from a federal mortgage refinancing program that is scheduled to end this year.
The Home Affordable Refinance Program, or HARP, was created in 2009 to help ease the pain of the real estate downturn. It is aimed at helping borrowers who are current on their payments but can’t qualify for a traditional refinancing to a more affordable rate because they are underwater on their mortgage — they owe more than their property is worth, because of a drop in their home’s value.
Read the full article by clicking on this link: http://www.nytimes.com/2015/01/24/your-money/700000-homeowners-could-still-benefit-from-us-harp-refinancing-program.html?ref=politics.
Posted on January 25, 2015 at 9:11 pm by Andrew Miklusicak