An improving economy, an increase in employment rates and an increase in housing prices have relieved the financial stress on many home owners. However, many homeowners are still burdened with debts that make it difficult to start rebuilding to the future, while others are facing foreclosure and risk losing their home.

There are still loan modification programs through lenders, HUD, and other programs. Fannie Mae and Freddie Mac loans may be eligible through HARP. The HARP program, which was supposed to expire in 2016, has been extended through September 2017. Loans through the VA, FHA and USDA have their own loan modification options.

In order to determine if you are eligible for any of the government programs, you can call 1-888-995-4673 or visit www.makinghomeaffordable.gov.

The HARP program is still available but has fairly strict eligibility requirements. If you are current with your mortgage, and your loan is financed through Fannie Mae or Freddie Mac, you may be eligible for the HARP (Home Affordable Refinance Program). The application deadline is September 30, 2017, after which time this program will expire.

HARP Eligibility requirements:
Current on mortgage with no payments later than 30 days in the last six months, and no more than one in the last 12 months
The home is your primary residence, a one-unit second home or a 1-4 unit investment property;
Your loan is owned by Freddie Mac or Fannie Mae;
Your loan originated on or before May 31, 2009;
Your current loan to value ratio is greater than 80%.

The HARP program is scheduled to be replaced by a new program sometime in October 2017. This program will be aimed at borrowers with high loan to value rations. In addition, many lenders will work with homeowners directly to modify their loans. It is always worth the time to consult an attorney, a HUD approved counseling agency, or a licensed independent mortgage broker. They may be able to help you deal with your current lender or find another lender with better terms that are willing to refinance your current loan.

If you are facing foreclosure, there are still options. Please contact our office, your lender or a licensed mortgage broker to determine if you can still modify your loan or get it reinstated.

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