It is at $3,000 per month and our loan is not Fannie Mae or Freddie Mac so we DO NOT qualify for a HARP which is sooo disappointing in our situation. We need to lower our mortgage payment badly. We are so upside down and I don’t see any relief anywhere. Our home is now valued in the mid to upper 300,000’s. We paid $530,000 for our current home about 6 years ago right before the crash. Q:My wife and I are seriously upside down due to the economy. There are other ways to get help with your mortgage payments, but you might need to think outside the box. Similar to HARP and FMERR, it’s a great loan option for underwater homeowners who don’t have enough equity earned in their home to qualify for a refinance.Ī HARP refinance is just one option. ![]() However, Fannie Mae’s High LTV Refinance Option (HLRO) currently has no expiration date. Editor’s Note: The HARP program expired December 31, 2018, and a popular replacement option, the Freddie Mac Enhanced Relief Refinance (FMERR) loan expired September 30, 2019.
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