Erase Debt Stress With Underwater Loan Refinancing Tips

Programs to Consider for Refinancing

Several programs are designed to assist homeowners with underwater loans. The Home Affordable Refinance Program (HARP), although expired in 2018, set a precedent for similar initiatives. Today, the Enhanced Relief Refinance Program (ERRP) offers support for homeowners seeking refinancing options. These programs typically require that your mortgage be owned by Fannie Mae or Freddie Mac and that you are current on your payments. By meeting these criteria, you can potentially qualify for refinancing options that were previously unavailable.