How to Refinance an Underwater Mortgage

Step-by-Step Guide

1. 1

   Step 1: Check your payment history.

   You must be current on your mortgage, and not have been delinquent on any payments in the last 12 months.
2. 2

   Step 2: Find out who owns your mortgage.

   You will not be eligible for HARP if your loan is serviced by the Federal Housing Authority (FHA), the Veteran's Administration (VA) or the Department of Agriculture (USDA).
   
   Make sure your mortgage is owned by Federal Home Loan Mortgage Corporation, also known as Freddie Mac, or Federal National Mortgage Corporation, called Fannie Mae. , You will also need to submit to a credit check. , The new HARP
   2.0 is now unlimited loan-to-value for fixed rate loans with 30-year terms or less. , You can use national banks such as Wells Fargo and Bank of America, or local banks and credit unions in your community.
3. 3

   Step 3: Demonstrate you have the income to afford your monthly mortgage payments.

4. 4

   Step 4: Don't Be Concerned with a Home Appraisal.

5. 5

   Step 5: Find a lender who will make HARP loans.

Detailed Guide

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