But until now, millions of owners across the country who could probably use those savings the most have been locked out of them: those who bought near the top of the market and whose home values are worth less than their current mortgage balance.
But that’s about to change as the federal government’s new Housing Affordable Refinance Program (HARP2) kicks in. The program will allow millions of “underwater” homeowners to refinance to significantly lower payments or to fixed-rate mortgages.
There are restrictions. To find out if you might qualify, and to learn a lot more about the program, just click on the graphic at the top of this article. It’ll take you to a site maintained by Diversified Mortgage Group. (Neither Coldwell Banker nor I have any business arrangement with that company; I just found the information to be quite enlightening.)
If you think you might be interested, you should act quickly: Funding is expected to begin by mid-March and the amount of available money is limited.