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What is HARP?
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HARP stands for the Home Affordable Refinance Program and was created to help homeowners of underwater mortgages. The real estate and banking collapse of 2008 devastated millions of homeowners where it wiped out their hard earned equity and left millions of homeowners owing more money on their homes than what their homes were worth. Tens of thousands of homeowners bailed on their mortgages and foreclosed on their homes. The federal government created the Home Affordable Refinance Program, HARP, to help homeowners with underwater mortgages to be able to refinance their upside down mortgage loans and take advantage of the low interest rates. To participate in the HARP refinance mortgage program, the mortgage loan the homeowner has needs to be a Fannie Mae or Freddie Mac owned mortgage loan prior to June of 2009 to be eligible. Non Fannie Mae or Non Freddie Mac mortgage loans are not available. Here is an article on HARP that may be of help you further comprehend the Home Affordable Refinance Program:

http://gustancho.com/harp-mortgage-loans/


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