Mortgages Underwater com

How do you know that your mortgage is underwater? Well, if your home has negative equity, that is, if you owe more on it than what it is currently worth in the market, then you have an underwater mortgage situation on your hands. Don’t panic, read on to find out how you can get yourself out of this crisis!

Refinancing your home is an option many home owners are choosing. With the vast number of people facing an underwater mortgage, the Obama government has created a program that will help more Americans be able to afford homes. This program is called HARP or Home Affordable Refinance Program. This program will work only in case you are up – to – date on mortgage payments. If you have already started to miss your mortgage payments, HARP is not an option for you.

Do whatever you have to do to become current with your back payments and then go to HARP.  In case you are someone with an underwater mortgage and a solid credit history, you may be eligible for HARP. Here are the requirements to qualify for HARP:

1) You have to be the owner and occupant of a 1 to 4 – unit home.
2) When you apply, all your mortgage payments should be up – to – date.
3) Your first lien mortgage amount does not exceed 125% of the market value of your home at present.

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It is important to remember that HARP will not cause a decrease in the amount you owe your lender, it will only make monthly payments and interest rates a lot more affordable.

Tuesday Noon 12/28/10 Today’s Current Mortgage Rate Advisory

Today’s Current Mortgage Rate Advisory at Noon ET Tuesday, December 28, 2010, from www.RateAlertNow.com. Provides a brief glimpse of what’s affecting real-time mortgage rates today in reaction to Wall Street market news and data releases plus what’s …

Refinancing is just one of the mortgage underwater options you have.