OWS Harping changes HARP & FHA

NOVEMBER 2011 UPDATE - NEW DAY DAWNS - Presidential Executive Order for HARP.2 FHA loan changes takes effect for specific help for loss of equity home owners. Shop your lenders to be educated to act within 40 days from this post, compare shop talk with lenders to see how they each may handle their new rules as middle man position for underwater equity loan products. You can have 30 year FIXED or how ever you like within the product parameters.  Lenders have to drop a lot of refi fees, closing costs and because your property is UNDER EQUITY - you may likely escape having the appraisal fee big bite (cos, what's the point if you have no equity in a no comp/sales dead market) AND - the new FHA/HARP will allow you to leave the confines of your current Fannie or Freddie service institution. You cannot be sold to predatory lenders if your mortgage does get sold. If you can shave ONE POINT at least - and likely more off your current interest rate, it is worth shopping around now. Just don't make any deals or work on GFE's with lenders until around the new year. PS: Remember, refinancing your homestead is a great tax deduction for that year! This new FHA/HARP.2 is only for good payers who are not behind on their current mortgage, , and only on first mortgages, not secondary liens or loans you may have.  You need to maintain credit scores and paying history to have done a refinance in spite of 2008 collapse WITH equity you would have earned. Good luck, great savings! The Making Homes Affordable will also give you assistance to see what your own state is doing for Hardest Hit and other recovery programs!  Happy hunting!