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1 in 4 People Eligible for HARP 2.0 Have Not Refinanced Underwater Mortgages

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Did you know that over 70% of homeowners that are eligible for the “Home Affordable Refinance Program” have taken advantage of this government backed refinance program? It’s pretty shocking that there are people out there that have 5 and 6% rates on underwater mortgages and they have not reached out to HARP lenders for a solution that guarantees a fixed rate solution with a lower interest rate and reduced monthly payment. The underwater mortgage refinance has already helped over a million homeowners secure a competitive fixed interest rate, even though the borrower owe more on their mortgage than their property is appraised it.

I asked a few seasoned loan veterans how this could be. There theory is that many homeowners are not aware that they are eligible for no equity home refinancing. Despite massive marketing campaigns on radio, television and direct mail, many homeowners are simply out of the loop. The HARP 2.0 will not last forever, so hopefully these homeowners will be reached so that they can realize the benefits of refinancing underwater loans. If you are a homeowner that closed your last home loan prior to June 1, 2009 and your mortgage is owned by Fannie Mae or Freddie Mac, you may be eligible for underwater mortgage refinancing.

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