Harp for a 2nd Mortgage

HARP is a fairly new federal legislation program that was implemented in February of 2009. It is a program that is meant to help existing home owners to a federally subsidized mortgage refinance of their current loan. HARP stands for Home Affordable Refinance Program. Harp for a 2nd mortgage is for people who are on an adjustable fixed rate that are about to adjust to a higher monthly payment. It was created to help home owners to refinance to a 30 year fixed rate mortgage. There are many stipulations to the refinance program that can end up disqualifying many home owners from receiving the help they need when refinancing their home. There are also home owners that do qualify and are benefiting from the new change. Two different programs exist that home owners might qualify to receive. They can qualify for only one, or they may not qualify at all. In order to qualify at all a home owners mortgage must be held by either Fanny Mae or Freddie Mac. If a persons mortgage is with a private lender or a credit union they will not qualify for the HARP program. If a persons mortgage is held by either Fannie Mae or Freddie Mac they may qualify. In order to qualify their lender must be a part of the HARP program.