Wednesday, June 22, 2016

Tick Tock: HARP's Clock is Running Out

From Freddie Mac - The Home Affordable Refinance Program® (HARP) expires December 31, 2016. With interest rates at an all-time low, your clients still have time to refinance with a Freddie Mac Relief Refinance MortgageSM (Freddie Mac's name for the business implementation of HARP) – so they can be better positioned for long-term homeownership success.

For a borrower to refinance through the Freddie Mac Relief Refinance Mortgage offering, the mortgage being refinanced must meet the following criteria:

  • Loan must be currently owned or securitized by Freddie Mac.
  • Note date on the mortgage must be on or before May 31, 2009.
  • The borrower is current on his or her mortgage, with no 30-day or more late payments within the last six months and no more than one in the past 12 months.
Relief Refinance Mortgages must have Application Received Dates on or before December 31, 2016, and Freddie Mac Settlement Dates on or before September 30, 2017.

For More Information


  • Go to the Freddie Mac Housing Counselors Resource Center to find more information on Relief Refinance Mortgages/HARP for you -- including a list of Frequently Asked Questions -- and fact sheets in English and Spanish for your clients. 
My Comment: Act now! Making Home Affordable (HAMP and HARP) start winding down in September.  HARP is the refinance program; HAMP is the modification program.  Call for a free phone consultation and if we need to meet in person, I will schedule you an appointment.  There is no fee for my services.  I work for the Woodbine Community Organization. We are a HUD-approved Housing Counseling Agency. After September all that will be available to help struggling homeowners are standard FHA options for those with an FHA loan and in-house modifications for everyone else.  The Federal government is taking away the carrot and the stick that encouraged mortgage companies to modify loans. Call me at 615-850-3453.