A lot of homeowners with underwater mortgages would like to refinance, but they don’t qualify for HARP (the federal Home Affordable Refinance Program). And HARP will be expiring soon anyway. Do they have other options? Surprisingly, yes. There are other ways you can refinance a negative-equity mortgage if you don’t qualify for HARP.

Refinancing Without HARP Posted on October 1, 2012 August 26, 2014 by Jayson Hardie If you’re one of the millions of homeowners with an underwater mortgage who would still like to refinance but can’t qualify for HARP (the federal Home Affordable Refinance Program), there are still some options.

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They felt that they could wait a year and then refinance all their mortgage debt into one mortgage at a good interest rate. This kind of 125 Percent ltv home equity loan. to HARP rules, LTV limits.

The good news is that if you are eligible for the harp loan program it does not matter how underwater you are on your mortgage, you can refinance into a much lower payment. In many cases without.

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HARP is available for all mortgage loans owned by Freddie Mae and Fannie Mae. HARP is designed for homeowners whose property values have dropped and now have an underwater mortgage. Allowing them to refinance your mortgage into a lower interest rate reducing monthly payments by hundreds of dollars per month. Or refinance from an adjustable-rate.

How to know when to refinance your mortgage. Ellen Chang. May 6, 2019 in Refinancing.. which is the time it will take for the cost of the mortgage refinance to pay for itself.

Here are the most frequently asked questions about refinancing an underwater mortgage. What is an Underwater Mortgage? An underwater mortgage is when a homeowner owes more on a mortgage than your house is worth. For example, your home is worth $250,000, but you owe $300,000 on the mortgage; that means you are underwater, or upside-down on your mortgage. This is also referred to as negative equity. Why is Refinancing Beneficial?

While the federal government sponsors harp, it is private mortgage lenders that run the program and decide whether you qualify or don’t qualify for a refinance.The Process. When you call your lender, you will need to tell an account representative that you are underwater on your mortgage and that you would like to refinance through the HARP.