The two main servicers of mortgages made some changes regarding refinancing homes that are under water. These new provisions became effective on November 15th.
At 5pm yesterday, both Fannie and Freddie released their "versions" of the Home Affordable Refinance Program.
Here is a small excerpt,
“For loan applications on or after December 1, 2011, eligible loans are those "sold" (not closed) to Fannie and Freddie BEFORE June 1, 2009.”
This could be a great opportunity for clients who intend to remain in their homes and need to take advantage of these lower rates. However, this is not for everyone. Please see the attachment we sent to everyone regarding these refinancing changes. There are some very important details that you need to read.
If you would like more information, please visit my Website HERE.
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