The Home Affordable Refinance Program (HARP) is a a federal program of the United States, that was created by the Federal Housing Fianance Agency in March 2009, to help home owners who were underwater or near underwater refinance their mortgages. If you have not been behind on your mortgage payments for the last 12 months but have been unable to get traditional refinancing because the value of your home has declined, HARP may be the best option for you.
Here is how you know if this is the right term for you:
You owe more than your home is worth.
You have been current on your mortgage payments for the last 12 months.
You want to take advantage of record low interest rates.
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