Wednesday, October 26, 2011

The Updated HARP Plan

I love to be cynical, but I think the government may have fixed the problems we were having with the refinance program. If what I am reading is true, if your mortgage is owned by Fannie or Freddie and you have been current with that mortgage, you may be able to refinance into a lower rate.
When the original program was rolled out they were hoping to help 5 million families. Values being what they are and other issues, less than 900,000 mortgages were able to be re-written.
I hope this program is what it appears to be and that we can help families lower their payments, rates, and stay in their homes. It won't solve the problem for everyone, but it may be much more successful now.

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