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The two largest Mortgage Corporation Freddie and Fannie has extended their Relief Refinance Mortgage Program to help more homeowners to stay in their home. This program was available for last few years with the maximum Loan to Value Limit of 125%. Starting March this year Borrowers/Homeowners will be able to take advantage of the new enhanced program offered by Freddie and Fannie with no maximum LTV limit. That means regardless of how underwater is your home value is vs. your loan amount is OK! But there are many other "Requirements" that the borrowers will have to meet such as;

1- Borrower owes more than 80% of home's current value.

2-There is no maximum LTV/TLTV/HTLTV ratio for the Fixed Rate mortgage

3-Existing Freddie Mac First- Lien mortgage must have been sold to Freddie Mac on or before May 31,2009.

4- Property can be 1-4 unit primary residence, 1 unit second home, or a 1-4 unit investment property.

5-Borrower has sufficient,verifiable income to support the new mortgage payment.

6-Borrower must not have no delinquencies in the most recent six months. No more than one 30 day delinquency in the most recent 12 months on the mortgage being refinanced.

The lender start their gears in place by end of February 2012 to accommodate the borrowers for this enhanced program. The most important and first step is to find out if your loan is with Fannie or Freddie at this time and it sold to them on or before May 31,2009?!. Once you found out about that, by asking your servicer, you may ask them if they are participating in HARP enhanced program. Lenders are not obligated to participate.  But there are many lenders who are already offering this refinance program. If you want to know more about this program, or find a lender who is currently participating in this program, please give me a call at 949-510-1955. This program is extended until Dec. 31st. 2013.