Real Estate Home Mortgages/Interest mortgage relief
I recently heard the term interest mortgage relief for home purchases in a certain time frame. I bought my condo in 05 with an interest rate of 6.375. I did refinance in 2011 at 4.375. I have been thinking about selling but I know I would be getting about 30,000 less for what I bought it for. Have you heard of interest mortgage relief and could it help me in any way.
You may be eligible for the HARP mortgage relief program if you meet all of the following criteria:
The mortgage must be owned or guaranteed by Freddie Mac or Fannie Mae.
The mortgage must have been sold to Fannie Mae or Freddie Mac on or before May 31, 2009.
The mortgage cannot have been refinanced under HARP previously unless it is a Fannie Mae loan that was refinanced under HARP from March-May, 2009.
The current loan-to-value (LTV) ratio must be greater than 80%.
The borrower must be current on the mortgage at the time of the refinance, with a good payment history in the past 12 months.
At this time, HARP is the only mortgage relief program available to the public. Keep in mind, though, that your current rate is pretty good.
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This topic answers questions related to purchasing a home, owning a home, home ownership, mortgage education, mortgage applications, and mortgage needs whether buying a first home or refinancing a current loan. Issues related to home ownership, home equity, mortgage education, refinacing options, home improvment finacing, first time home loans, home equity loans, vactation home loans, and mortgages for investment homes are dealt with here also. Though not the primary focus of this topic, Home Equity Lines of Credits (HELOCS), reverse mortgages, and calculating home equity may also be asked. If you do not see your home mortgae, home finacing, or home equity question answered in this area then please ask a question here