Home Affordable Refinance Program – HARP – Extended Until June 2011

March 2, 2010 – Are you still underwater with your mortgage and home value and have been unable to refinance?
Yesterday, homeowners underwater on their mortgage who have been unable to refinance their mortgage under the Home Affordable Refinance Program got some good news from the Obama Administration as the program was extended until June 2011.
The Obama Administration reported several reasons for the HARP extension:

Real estate values have not rebounded quick enough

Lenders have taken a long time to gear up for the new HARP program and now may have more staffing and policies and procedures in place to better service their mortgage loan customers who could benefit from this program.

Refinancing expenses tacked onto loans minimized the benefits of refinancing

Homeowners were in deeper debt than loan guidelines permit.

As a homeowner, this extension gives you time to hopefully have the market bounce back some to allow you get under the 125% LTV HARP Guideline. In addition, the HARP extension should give you time to land another job if you have not been able to refinance your home because you have been unemployed. The extension should also give your lender a chance to actually have the time and technical support to help you with your HARP refinance.
You should contact your lender about refinancing under this program, or contact a new mortgage lender to see if they can offer you refinancing assistance under the HARP program.