The Home Affordable Refinance Program, or HARP, which was due to expire in June 2011 has been extended for another year, according to an article by Peter King on MortgageLoan.com.

"The program, which is part of the government's Making Home Affordable mortgage assistance program, enables homeowners in negative equity - that is, those who owe more on their mortgage than their home is worth - to refinance mortgage debt of up to 125 percent of their homes current property value." writes King.

This is the second time the HARP Program has been extended, the original projection was that this program would help 4 or 5 million homeowners who owe more than their homes are worth, but so far only about 623,000 people have taken advantage of the plan.

Perhaps, many homeowners are concluding that it would be better to walk away rather than stay in a home that is worth less than the burden of debt that comes with it.

Read more at MortgageLoan.com

photo credit: RambergMediaImages

Posted in Real Estate Market Conditions, Headlines

Comment on this article

Name

Email
Your email address will not be displayed.

Site/Url
Your URL will be displayed.

Your vote

Poor Excellent

Comment text

Options

  Line breaks become <br />

  Remember me

  Allow users to contact you through a message form.

Captcha

Please enter the characters from the image above. (case insensitive)

Captcha code