Solving the Knoxville Foreclosure Crisis
One Homeowner at a Time

Rick Smenner

865-675-8326
RE/MAX Preferred Properties
[email protected]

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Could A HARP Refinance Save Your Knoxville Home?

harp-making-home-affordableFor many Knoxville homeowners who owe more on their home than it is worth, one commonly forgotten option to avoid foreclosure is a HARP refinance. So, what exactly is a HARP refinance? And, could it help you save your West Knoxville home? In 2009, the Homeowner’s Affordable Refinance Program [HARP] was released to help people in this who were current on their mortgage, but owed more on their home that it was worth. While the program had good intentions, it only helped about 1 million borrowers due to high costs for lenders and borrowers and complicated restrictions. Last year, the program was revamped hopes of helping underwater homeowners. HARP 2.0 was set to expire at the end of the last year, but has now been extended through 2015, giving more Knoxville homeowners time to refinance their mortgage, if necessary.  Since being revamped, HARP 2.0 has helped over 2 million Americans, according to the Federal Housing Finance Agency. In order to qualify for the HARP program, Knoxville homeowners must meet the following requirements: -The loan must be owned by Freddie Mac or Fannie Mae. Also, the loan must have been sold to Fannie Mae or Freddie Mac on or before May 31, 2009. -The loan cannot previously be refinanced through HARP, unless it was a Fannie Mae loan that was refinanced between March - May 2009. -The loan-to-value (LTV) ratio must be greater than 80%. - Finally, the borrower must be current on their mortgage at the time of refinance and for the 12 months prior. For those Knoxville homeowners who are current on their payments, but owe more on their home than it is worth, the HARP program can be a valid option. If you have questions about qualifying, visit the Making Homes Affordable Website and also contact your loan servicer or an approved loan servicer with the HARP program. Are you underwater on your Knoxville home? Would you like to know your options to avoid foreclosure? If so, please do not hesitate to give my team and I a call at 865-696-9002 or via email at [email protected]. We've helped many Knoxville homeowners avoid foreclosure on their Knoxville home and all of our services are done at no cost to you.

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