The federal Home Affordable Refinance Program was established in 2009 to help homeowners with “underwater” mortgages – a mortgage balance higher than the property’s value. It is designed to help these homeowners refinance their homes.
No late payments
Eligible homeowners must have mortgages guaranteed by Freddie Mac or Fannie Mae, and must be current on their payments. A late payment in the past six months is a disqualification. Of course, homeowners must financially qualify for the new mortgage payment.
The HARP program has been extended multiple times, but will expire on December 31, 2016.