More help for financially strapped homeowners: a new federal program goes into effect this month. It’s a new version of HARP, the Home Affordable Refinance Program. It will especially benefit people who owe more on their homes than the homes are worth.
Some qualifications: Your home loan must be guaranteed by Fannie Mae or Freddie Mac and sold to them before June 2009. Also, you must be current on your present loan for the past 12 months.
Antonio Perez is CEO and executive director of RESCUE (Real Experts Serving Communities Utilizing Education), a non-profit organization that helps folks get a loan modification. Perez says even if people don’t qualify, RESCUE may be able to help.
“We want to put everybody in a 2.0 if they qualify. If they don’t, we put them into a loan-modification process,” said Perez. “If they don’t qualify for that, we take them to a short sale.”