Home buyers who had financial challenges affecting their ability to pay or refinance their mortgage will have a little longer to apply for relief. The Federal Housing Finance Agency announced that the Home Affordable Refinance Program (HARP) deadline to file for the program has been extended until December 31, 2015. The deadline for Home Affordable Modification Program (HAMP) has also been extended until 2016.
The Home Affordable Refinance Program (HARP 2.0) was established in 2009 in an effort to help homeowners to refinance their Fannie Mae or Freddie Mac backed home loan, even if they are underwater on their mortgage and owe more than the current value of the home. The result is lower mortgage payments and/or extended terms. To date over 3 million homeowners have taken advantage of HARP, although another 600,000 homeowners currently qualify.
The Home Affordable Modification Program (HAMP) was created to help homeowners in more serious financial distress to refinance their home loan by refinancing with a lower interest rate, or extending the terms. Those who qualify for HAMP are currently or will soon be in default on their mortgage.
Both programs are helping thousands of homeowners to stay in their home and avoid a foreclosure or short sale. To see if you qualify for HAMP or HARP, call the professionals at Adams and Associates, PA and schedule an appointment for a free consultation.