HARP Important change

Time is running out on the Home affordable programs: HARP and HASP.  One recent change that may get some borrowers back in the game on this program is the effective date of your existing mortgage.

Until recently, your loan had to be PURCHASED by Fannie Mae or Freddie Mac before 6/1/2009.  Freddie Mac announced recently that they changed this and now the NOTE DATE needs to be on or before 6/1/2009.

What this means is those of you who may may have closed on your loan before 6/1/2009 but it wasn't purchased by Fannie Mae or Feddie Mac until after 6/1/2009 (it takes some time to deliver a loan once it's closed to the secondary market and have them review and purchase the loan).  I had two customers this year who called and were denied a Home Affordable Refinance and the wonderful benefits it offered. Their loans closed before that cut-off date, but weren't purchased until after 6/1/2009. One missed it by ONE DAY!  The other by just a week or so.

If this happened to you, please contact your lender and try again.  So, if your loan was closed prior to 6/1/2009, you may qualify for a Home Affordable Refinance.  Check it out!