Here's the skinny on Odumbo's HARP 2 not gonna fix a darn thing 'new' mortgage assistance for a few:
The existing mortgage must have been sold to Fannie Mae or Freddie Mac on or before May 31, 2009. Homeowners can determine if they have a Fannie Mae or Freddie Mac loan by going to: http://www.FannieMae.com/loanlookup/ or calling 800-7FANNIE (8 am to 8 pm ET) https://ww3.FreddieMac.com/corporate/or 800-FREDDIE (8 am to 8 pm ET)
The program will continue to be available for loans with LTVs above 80 percent.
Borrowers must be current on their mortgage payments with no late payment in the past six months
and no more than one late payment in the past 12 months.
Borrowers should contact their existing lender or any other mortgage lender offering HARP refinances.
You don't really need to read all
EIGHT pages unless you're completely bored. Here's the jest of it in five statements:
1. Your mortgage must be with Fannie or Freddie.
2. If you're looking to reduce your principal, sorry Charlie.
3. If your mortgage was sold to Fannie or Freddie AFTER 2009, sorry about your luck.
4. If you've been late on your mortgage payments, nope, you don't qualify. Hey, aren't those needing help probably late on their payments? Otherwise, they'd not be needing help, right? I don't know, maybe I'm over thinking this.
5. If by chance your bank chooses not to participate, for whatever reason...like maybe they don't like your shoes? You'd be outta luck.
Yeah. That's the big mortgage assistance. Wonder how much it's gonna cost you and I?