Obama’s New Plan to Refinance Underwater Fannie and Freddie HARP Mortgages

January 2, 2012

Loans & Mortgages

Just a note to remind you that in October, President Obama announced plans to open up refinancing to more homeowners who are underwater. This proposal was a revision to the current Home Affordable Refinance Program (HARP).

So what does this mean to you?

This means that if your mortgage is owned or guaranteed by either Freddie Mac or Fannie Mae, you may be eligible to refinance your mortgage under the enhanced and expanded provisions of HARP.

You can determine whether your mortgage is owned by either Freddie Mac or Fannie Mae by checking the following websites:

http://www.freddiemac.com/mymortgage
http://www.fanniemae.com/loanlookup/

Fannie Mae and Freddie Mac have recently released details regarding how these changes will be run. If you have any questions at all about what these changes mean or how they could impact you, call or email Richard, since I got the info from him :-)

Richard Kilfoil
Vice President; Metro NY Regional Manager
Sovereign Bank
Phone: 631.235.3146
Fax: 631.753.8871
Rkilfoil@sovereignbank.com
https://www.sovereignbank.com/personal/advisor_locator/contact_advisor.asp?advisor=632

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