One of the by-products of the economic downturn and the housing collapse has been the number of “under water” homes across the country. These are homes whose market value is less than the balance due on the mortgage. Often, the homeowner would like to stay in the home, but the economic realities dictate a move. Because of the laws of supply and demand, putting all those houses on the market could further hinder any kind of housing recovery, not to mention the havoc it would play in the homeowners’ lives.
To counter this, the government came up with a scheme that would allow under water homeowners to refinance their mortgages. This program was called the Home Affordable Refinance Program, or HARP. Ultimately, it was not as well-received as predicted, so the government officials went back to the drawing board to revamp the program. The result is called — cleverly — HARP 2.0.
As you can imagine, not everyone is eligible for refinancing under this program. To help determine whether you are, I’ve added a flowchart to this website that will walk you through the five biggest hurdles. You can find it under the “Sellers > Avoid Foreclosure > HARP 2.0 . . . ” menu, or by clicking here. If you get all the way through the chart without finding out that you are ineligible, and would like to further pursue your options, just let me know. Give me a call at 720-258-6211, or contact me through the contact forms on this site. I’ll get you in touch with a lender who can help you out.