1 in 7 refinances for me are for borrowers that are underwater. HARP was set up for individuals that are in a mortgage owned by Fannie Mae and Freddie Mac. They are all services by many different companies and many attempt to get these refinances done. Fortunately for us, they are not always a success. Many times we are able to get the refinance done where others have been unsuccessful.
2 out of 7 refinances are FHA and VA loans that are underwater. We are literally saving each homeowner hundreds of dollars, which is great for them and the overall economy. It is hard to believe that there are millions in the country that have not taken advantage of these opportunities.
By: Tory Barringer
"Elevated refinance activity under the Home Affordable Refinance Program (HARP) continues to support overall growth in originations, according to Lender Processing Services’ (LPS) Mortgage Monitor report for November."