Another “hope” program for distressed homeowners?

Okay, the program is not called HOPE.  It is called HARP II (Home Affordable Refinance Program).  This government sponsored program is designed for homeowners whose mortgage balances exceed the current value of the home by taking advantage of today’s low interest rates.  I learned about this program from my credit union, which began participating in the program on April 2nd.

But here’s the catch:  (a) the mortgage must be owned or guaranteed by Fannie Mae or Freddie Mac; (b) the mortgage must have been sold to Fannie Mae or Freddie Mac on or before May 31, 2009; (c)  if you previously refinanced under HARP,  you are not eligible for HARP II; (d) the loan to value ratio must exceed 80% and (e) the homeowner must be in good standing, meaning a good payment history for the previous 12 months.

I have never bothered to check with any of these HOPE or HARP programs but decided to check it out.  First step, was my mortgage owned or guaranteed by Fannie Mae or Freddie Mac?  I don’t believe so but there is an easy way to find out.

Fannie Mae: or 1-800-7FANNIE

Freddie Mac: or 1-800-FREDDIE

I clicked on both hyperlinks above.  As I suspected my mortgage was neither owned nor guaranteed by Fannie Mae or Freddie Mac.  I struck out swinging at the plate – not even reaching 1st base.

But maybe you are eligible.  So I’m sharing this information for those whose heads are just above the water.  Hope HARP II is the remedy you seek.


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