Obama Announces Revitalized Home Affordable Refinance Program (HARP)
During a visit to Nevada, the state with the highest unemployment and foreclosure rates in the country, President Obama announced the Home Affordable Refinance Program (HARP). The revitalized program allows homeowner's facing foreclosure, who are still current with their payments, to refinance their mortgages, regardless of how much their home value has dropped.
The revamped HARP will also do away with many of the administrative burdens, such as underwriting requirements, to streamline the process, thus reducing fees which may have served as a hindrance in the past. It is estimated that the new program could help nearly 1,000,000 Americans.
The program, which is available to borrowers with loans backed by Fannie Mae and Freddie Mac originated prior to May 31, 2009, has already helped nearly 900,000 homeowners to refinance. Hopefully the latest adjustments will help more Americans whom are struggling to keep their homes.
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