by Home Owner
Ask Kate: Home Affordable Modification Program - Can I combine my first and second mortgage using the Making Home Affordable Program? I have a Fannie Mae owned first mortgage with a major lender and a second mortgage with the same lender.
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"The Second Lien Program announced today will work in tandem with first lien modifications offered under the Home Affordable Modification Program to deliver a comprehensive affordability solution for struggling borrowers. Second mortgages can create significant challenges in helping borrowers avoid foreclosure, even when a first lien is modified."
Q: I owe more than my property is worth. Do I still qualify for a refinance under HARP?
A: Eligible loans will include those where the first lien mortgage does not exceed 125 percent of the current market value of the property. For example, if your property is worth $200,000 but you owe $250,000 or less on your first lien mortgage you may qualify. The current market value of your property will be determined after you apply to refinance.
Q: I have both a first lien and a second lien mortgage. Do I still qualify for a refinance under HARP?
A: As long as the amount due on the first lien mortgage is less than 125 percent of the value of the property, borrowers with more than one mortgage may be eligible for a refinance under HARP. Your eligibility will depend, in part, on two additional requirements: first, that the lender that has your junior lien mortgage must agree to remain in a junior lien position, and second, on your ability to meet the new payment terms on the first lien mortgage.
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