Latest attempt to help underwater homeowners launches
“…Starting this past Thursday, Hamilton and many other homeowners with “underwater” mortgages can apply for a new Fannie Mae and Freddie Mac refinance program geared for pretty much everyone who owes more on a home than it’s worth — including landlords and second-home owners.
The federal government’s previous foreclosure-prevention efforts, such as the Home Affordable Modification Program (HAMP), lowered the interest rates on mortgages of homeowners at risk of foreclosure because they had lost income.
But the new Home Affordable Refinance Program (HARP) is seen as a possible game-changer even for homeowners who are underwater, but who have stayed employed and continue making their payments….”
Are you a struggling homeowner? Check out our Avoiding Foreclosure section for resources and tips.