The HARP2 (Homeowner's Assistance Refinance Program) is going to be rolled out the middel of March. Many of the homes in our community are "under water". This program might be your solution. The "new" rules will illiminate the loan to value portion of the original program. This would mean that no matter how upside down you are, you could still refinance to the current low rates.
You will have to income and credit qualify for the new loan, but this could save borrowers hundred's of dollars a month. It is meant to encourage homeowner's to stay in the home instead of walking away. As the program gets closer to roll out, I will post the parameters and would love to talk to you about your particular situation.
More later...............................
