Read up on HARP, then talk to your lender. HARP—the Home Affordable Refinance Program—was created by the Federal Housing Finance Agency specifically to help homeowners who are current on their mortgage payments, but have little to no equity in their homes, refinance their mortgage - that is, they owe as much or more than their homes are currently worth - are eligible for a HARP refinance.
HARP stands for Home Affordability Refinance Program and is offered through the U.S. Department of Treasury and Housing and Urban Development. HARP is for homeowners that are not behind on their mortgage payments and have not had luck in obtaining refinancing because the value of their home has
Many people have heard of the Home Affordable Refinance Program but have no idea what it is or if they qualify. With home values declining over the past several years many home owners have been left in difficult situations. They need to refinance but have been unable to do so because their Loan to Value (what is owed vs. the value of the home) is too high.