The housing market has been beaten to a bloody pulp but people still need mortgage and refinance help. Millions of homeowners are still stuck with adjustable rate mortgages and option ARM loan that are about to reset.  Most analysts agree that when these home loans reset, the delinquency and foreclosure rates will set new records. The sad reality is that most lenders are not offering mortgage refinance help, not because they don’t want to, but because nobody will insure this type of refinancing.  The Home Affordable Refinance Program extends borrowers new home refinancing opportunities up to 125%, but only a select few are actually eligible for HARP.

Get Mortgage Help from Experienced Loan Professionals

1. Work with the Best Mortgage Lenders – Now is not the time to experiment with a loan officer because they are your friend or a relative.

2. Keep your credit score high so you retain eligibility for Fannie Mae and Freddie Mac refinancing

3. If you have had isolated late payments, consider a FHA refinance.

4. Discuss a note modification with your lender directly.  Many borrowers who have an option ARM may be eligible for a fixed rate adjustment.

5. Don’t rule out a loan modification if you have explored all viable mortgage refinancing options

2011 will likely not be remembered for the year that lenders eased the loan refinancing guidelines.  All indications point toward tighter underwriting and stiffer loan requirements.  However, with the federal reach, 2011 may turn out to be the best year for mortgage and refinance help.  Don’t forget that the U.S government continues to offer incentives to banks in lenders for extending mortgage help, forgiveness and loan modifications in an effort to prevent foreclosures.