5 Tips for Availing Refinancing Programs for Underwater Mortgages

PHOENIX - June 8, 2017 - PRLog -- "If you have an underwater mortgage then you don't need to worry since the HARP refinancing programs for underwater mortgages have been extended for the third time - probably the last until 30^th of Sept, 2017. You need to understand the process and the qualifying criteria to secure the refinancing for your underwater properties. Availing the services of online professionals for this subject could be a smart way to make the process of refinance easier for you!"

Certainly, homeowners would get anxious when they realize that the values for their property has decreased drastically. The properties that have discrepancy in the value that the owners paid to buy it and the current market value are commonly referred as underwater mortgages. Roughly 25% of Americans own mortgages that are underwater. Typically, when your mortgage is underwater, there is hardly any chance to refinance it. However, the Federal Housing Authority (FHA) and the Home Affordable Refinance Program (HARP) have created few refinancing programs for underwater mortgages.

Understand the Qualifying Criteria for Availing HARP Refinancing Programs for Underwater Mortgages. Start Now for the Best One Today! (http://www.mortgagrefinance101.com/apply-now.php)

Here are some tips for mortgage refinance with bad credit:

1.       Seek help of HARP - People tend to think that HARP has already expired but it is not the case. It is true that the HARP refinance programs were extended twice and were to expire at the end of last year. However, recently, FHA has issued the 3^rd extension until 30^th Sept 2017 under which you still have opportunity for refinance options for underwater mortgages (http://www.mortgagrefinance101.com/underwater-mortgage-re...).

2.       Be Positive and never think you are ineligible - You should never assume anything. Maybe you might not have HARP refinance before or you may have had a bad experience with any lender or you may have missed one or more payments in the past, etc. but that does not mean that you cannot be eligible for HARP refinance. Always keep a positive approach.

3.       Ensure whether your Mortgage qualifies for HARP refinance - HARP offers refinancing an underwater mortgage that meet following conditions:

·         Mortgage must have been originated on or before May 31, 2009.

·         Mortgage must be guaranteed or owned by Freddie Mac or Fannie Mae.

·         Mortgage must have 80% or more loan to value ratio.

·         There should not have been any delayed payment in last six month.

·         You should not have missed more than 1 payment in past year.

4.       Do not opt for your mortgage lender for mortgage refinance with bad credit - You should not refinance your underwater mortgage with your current lender. You should search for the approved HARP lenders and avail refinance from them.

5.       Check for refinance with your current lender only if you cannot qualify for HARP - If your underwater mortgage does not qualify for the criteria of HARP refinancing, the best next step is to approach your current lender and ask for affordable refinancing programs for underwater mortgages.

In order to make the refinancing of underwater mortgages a simple, easy and hassle free process, it is advisable to seek help from the online experts that are available 24x7 for your service. These professionals have thorough knowledge regarding the subject. They understand your situation, scrutinize the options, design a proper plan for you and prepare your application such that you can easily get the refinance approved for your underwater mortgage.