What is HARP?
Underwater homeowners who are feverishly looking for ways to refinance their home now have the opportunity to do this through the HARP Mortgage program. The first step in determining eligibility is to see whether or not your loan is owned by Fannie Mae or Freddie Mac. You can check on our site or go directly to Fannie and Freddie’s website. Like many things in life, these databases are not perfect. You may checked your property address against Fannie Mae and Freddie Mac’s databases, and were unable to find a match.
Fannie Mae and Freddie Mac to qualify for HARP
However, this does NOT mean that it is certain that your loan is not a Fannie Mae or Freddie Mac loan, and it also does not mean that you will not have other options.
Fannie Mae and Freddie Mac have imperfect databases, and errors in data can sometimes cause matches to be elusive. For example, if you live on 123 Happy Cir and enter your address as “cir” and not “circle”, you may get a different result from one of the two databases.
Also, there is talk currently of a new government program that goes further than the HARP program, and addresses loans NOT owned by Fannie Mae and Freddie Mac.
HARP Eligibility Requirements
If you believe your current mortgage is owned by Fannie or Freddie but you can’t seem to find it on the two sites, here is what we advise you to do at this point:
- Call 1- 888-709-4555 and you will be advised on your options. In most cases, your servicer is NOT the owner. (This basically means that if you pay Wells Fargo, for example, each month, they are your servicer…not necessarily the owner of your loan).
This can be a long and frustrating process but there is light at the end of the tunnel.