Are upside down in your home loan? Are you making your payments on time? Have you been refused an application to refinance your loan? This Home Affordable Refinance Program (HARP) just might be able to help you avoid mortgage foreclosure. HARP is expected to be a life saver for 4 to 5 million home owning families.

Obama and his socialist cronies are looking to buy your vote by putting you and your kids deeper in debt with this spendy new program. Anytime the government wants to help me, I have to wonder how much that help is going to cost me. However, if you are in the market to avoid mortgage foreclosure with government help this may be for you. If you meet the requirements you just might be in luck to avoid mortgage foreclosure this way.

* FNMA or FHLMC must own the mortgage or secure it

* owner-occupied property

* all mortgage payments must be current

* only transaction costs can be rolled into new loan amount I.e. no cash out allowed

* new mortgage may not exceed 105% of the property’s current market value lines of credit and other mortgage loans exceeding the 105% may be subordinated if the lien holder agrees

You may call these numbers for further information and to see if you possibly qualify for this assistance.

Fannie Mae,

1-800-7FANNIE (8am to 8pm EST). [email protected]

Freddie Mac

1-800-FREDDIE (8am to 8pm EST)

Some questions you have not addressed by the publicized qualifications:

* Can liens on title, like IRS liens be rolled into the new loan?

* Will PMI be required if a homeowner doesn’t have it now?

* Can an escrow account be rolled into new loan if one doesn’t exist now?

* Can a second mortgage or line of credit be rolled into the new mortgage?

* Will homeowners whose primary residences are upside down by more than the 105% be allowed?

If you’re making your payments now, lowering your interest rate and payment will only decrease the chances of you defaulting on your mortgage. However, if you are waiting for interest rates to go back down you just might be waiting for a really long time. If you sense you are in any kind of trouble it would behoove your to take action now to avoid mortgage foreclosure possibilities in your future. WARNING: Program ends in June 2010

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