Answer the Following Questions to Determine Your Eligibility:
- Are You the Owner of a 1-4 Unit Home (Residential Property)? YES or NO
- Is Your Mortgage Current? (No 30 Day Late(s) Within Past 12 Months )? YES or NO
- Is your Loan Owned and Guaranteed by Fannie Mae or Freddie Mac (Don’t Know, See Below)? YES or NO
There are a few easy ways to find out if your current mortgage is owned and guaranteed by Fannie Mae or Freddie Mac. You can contact Fannie and Freddie direct by calling their toll-free telephone numbers, or by clicking the links below and completing the forms for each company.
Fannie Mae
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Freddie Mac
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The other method would be to contact your mortgage servicer, who can also provide you with this information. For a complete list of mortgage servicers and their contact info click HERE to lookup by name.
If You Answered “YES” to All 3 Questions, you MAY be eligible
Only the servicer of your loan can tell you if you truly qualify. The next step is to gather the information required to refinance under the Home Affordable Refinance Program. Below is a checklist of items you must gather to apply for the program. Your mortgage servicer may request additional documentation, so be sure to gather as much information as possible regarding your Income, Expense, and ALL Debt Obligations.
CHECKLIST:
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Once you submit a request to refinance under the Home Affordable Refinance Program, the mortgage servicer will determine the following before approving your Home Affordable Refinance:
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Is the amount you owe on the first mortgage less than 125% of the current market value of your property?
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Do you have a reasonable ability to pay the new mortgage payments if the home is refinanced?
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Will the refinance improve the long term affordability or stability of the home loan?
Homeowner Frequently Asked Questions:
HURRY…The program expires on June 10, 2011.
A refinance under HARP must have a mortgage note date on or before June 10,2011, which is the expiration date of the Home Affordable Modification Program. For more information and other details about the program, please contact The Hightower Team at 303-325-5020 or speak with the servicer of your mortgage. Just know that you have options!
“IMPORTANT NOTICE”
The Federal Trade Commission issued the Mortgage Assistance Relief Services Rule 16 CFR 322 (MARS).
MARS defines “mortgage assistance relief service” to include: “negotiating, obtaining or arranging a short sale of a dwelling.” You may stop doing business with us at any time. You may accept or reject the offer of mortgage assistance we obtain from your lender(or servicer). If you reject the offer, you do not have to pay us. If you accept the offer, you will have to pay us the amount agreed in our listing agreement for our services. Keller Williams and The Hightower Team are not associated with the government and our service is not approved by the government or your mortgage lender. Even if you accept this offer and use our service, your lender may not agree to change your loan. If you stop paying your mortgage, you could lose your home and damage your credit rating.
