HARP and Loan Modification - Making Home Affordable Program: Refinance Relief for Responsible Homeowners

Editors note: We have some great news! Quicken Loans allows refinances of up to 200% of your home’s value on mortgages owned by Fannie Mae and Freddie Mac through the HARP Program. 

In order to participate in HARP, either Fannie Mae or Freddie Mac must own your loan.  

See if you qualify for HARP or call today (800) 251-9080 to find out how much you could save.

And finally, the Federal Government has extended HARP until the end of 2015.

At Quicken Loans, our goal is to make sure you’re always in the best mortgage for your financial situation. As you’ve heard in recent news, our government released a multi-step plan to help American homeowners. We’re extremely excited to be a part of the plan that could help millions of responsible homeowners in America.

If you’re hearing conflicting information about the Making Home Affordable plan, check out our loan modification and HARP refinancing program myths and FAQs. Or get started now and find out if you qualify for the new plan with our easy Making Home Affordable HARP qualification tool now!

Depending on your situation, you will fall into one of three scenarios:

  1. You owe less on your mortgage than your home is worth.This means that you can qualify for today’s already low mortgage rates! We can help you.The message of the plan is clear – the government wants American homeowners who currently qualify for a refinance to take advantage of historically-low mortgage rates. Waiting any longer could cost you money. Call us today at (800) 251-9080 and we’ll work with you to determine your home’s value, your equity and what kind of new loan you need.
  2. You owe more on your mortgage than your home is worth.If you owe more than your home is worth and previously couldn’t qualify for a refinance, you may qualify for the government’s new HARP Making Home Affordable plan. We can help you.With a new, streamlined refinance program from Fannie Mae, Quicken Loans is able to refinance your mortgage to a low, fixed rate. This is fantastic news for nearly 5 million people who couldn’t previously refinance under traditional guidelines.If you’re on time with your mortgage payments, but couldn’t refinance due to lack of equity, the streamlined refinance program is for you. Call us right away at (800) 251-9080 to find out if you qualify.
  3. You are struggling to make your mortgage payments and face imminent foreclosure on your home.Under the new plan, the government is working to provide loan modifications to people who can prove and document financial hardship through job loss, change in income, significant debt or an adjusting interest rate.This is an option for which only a small percentage of homeowners will qualify. If you believe you qualify for a loan modification under the government’s new plan, call your loan servicer (the company you make your payments to) right away.

To find out how you can get a low rate on a 30-year fixed and a lower mortgage payment with the Making Home Affordable plan, call us now at (800) 251-9080 or fill out our short form and we’ll get in touch with you right away. Also, watch our new video about the Making Home Affordable loan modification and refinance plan. It’s a great way to get all the fact about the loan modification and refinance plan in just a few minutes. You can also use the Making Home Affordable Loan Lookup Tool to find out if your home is eligible for Making Home Affordable.

In addition to Making Home Affordable, Quicken Loans now offers FHA Streamline, the easiest way to refinance your FHA loan. With FHA Streamline, you could refinance an FHA loan with no appraisal and no income/assets verification. Not sure if an FHA Streamline is right for you? Find out if you qualify for an FHA Streamline refinance in just a few easy steps!

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This Post Has 11 Comments

  1. I’m in a divorce process since 2012., the house mortgage it’s under both names, I’m the one who lives in the property, and he doesn’t want to pay any more because he lost his job, my income it’s not enough to cover all my expense and we are late in one payment, how can I apply for the modification program?

    1. Good morning, Gloria. I’m sorry to hear about your troubles. I’m going to have one of our Client Relations Specialists reach out to you with an email. They’ll walk you through some of your options. Have a good day, and thank you for your comment!

  2. We have been trying to get a loan modification from ours mortgage company for months but they want to keep give us the runaround our apr is 12.12 its killng us we need help

  3. I was told to miss a payment so I can receive a modification. I tried unsuccessfully to have my mortgage reduced after my divorce.

    I make my mortgage payment each month but struggle through the rest of the month. Is this a good advice? I owe more on my mortgage than it is worth.

    1. Hi Cecila! We’re sorry to hear about the tough time you’re having with payments. I’ve forwarded your concerns to our Home Loan Experts who should be reaching out to you shortly to answer any questions you may have. Thanks for reading!

  4. I modified loan thru the lender two years ago, payment was at 1746 and ended up after modification at 1995, I requested for the HARP and the bank stated that they already helped and that there is not a second chance, can I refinance my loan thru a different bank?

    1. Hi David, thanks for contacting us. In order for your loan to be eligible for HARP, your loan had to close prior to May 31, 2009. Please let us know if you have any other questions.

  5. I got devorced…. I should qualify for the HARP but I currently do not have a job. However, I receive enough money from my exhusband to make payments on the house. My question is would I be able to qualify for the HARP if I do not have a job?

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