HARP program changes -submitted by Mark Silverstein, Senior Mortgage Banker

I have known Mark for over 15 years. I first met him when he was working for the Community Bank of Western Springs. Here is some information I think you will all find interesting and helpful to some. Within the next few days, HARP 2.0 will be rolled out to lenders, and they will have the opportunity to offer their borroweres a great opportunity to refinance to a lower rate and save significantly on their monthly mortgage costs. Those new guidelines include eliminating the limit on how far underwater a borrower can be and still qualify for a HARP refinance. Previously, borrowers could owe no more than 125% of the value of their home; the new guidelines have no limit on how much your mortgage debt may exceed your home value. There are some qualifications that each borrower must meet. You are only eligible if your current loan was bought by Fannie Mae or Freddie Mac prior to May 31,2009-they can help you determine this. You will also need to show that you have been current on your mortgage payments-you may have one 30 day late payment in the past 12 months, but none within the past 6 months. Contact Mark to see if you can qualify for this program. HARP 2.0 is available through 2013, so even if you don't quality now-if you had a late payment in the last six months, for example-there's still time to get back on track to qualify and take advantage of this great program. The point of HARP 2.0 is to help struggling, underwater homeowners or simply to assist borrowers who wanted to refinance into a lower rate but couldn't qualify under previous guidelines. With this program you will be able to refinance into a better rate, reduce your mortgage payments, pay down your loan balance and rebuild your equity. Written by Mark Silverstein, Senior Mortgage Banker1st Advantage Mortgage, 3934 N. Lincoln, Chicago, Il 60613 Cell: 312-919-6275 efax:312-654-7292 mark.silverstein@1amllc.ocm