Mortgage program helps ‘underwater’homeowners By Sommer Brokaw hasn’t gotten a lot of attention call. can’t exceed 95 percent of the HARP 2 is an expanded pro- underwaterwithmortgagerates
[email protected] is helping those who are “un- Grubbs, owner of Raleigh appraised value but certainly gram. Yanez originally tried his that we have today,” said Sheryl RALEIGH – George Yanez said derwater” on their homes. MortgageGroup,saidhisphone notover100percent,andHARP current lender, but they could- Merritt,programmanagerofThe he’s “done everything right.” “Because of the market being has been ringing off the hook will obviously let you go more n’t do it based on their current Homeownership Center, a fed- His credit is in excellent condi- hitI’vebeenstuck,”Yanezsaid. since the television interview. than 100.” policies. The HARP 2 program erally approved counseling tion; he has made his mortgage But thanks to HARP 2, he The program is providing an The Home Affordable allowed him to go to a different agency in Raleigh. “Mortgages paymentseverymonth,butthe found a way out. avenue for many of his cus- Refinance Program is a federal servicer. thatoriginatedbefore2009were appreciationvalueonhishome Yanez said he will save $100 tomerstolowertheirpayments. program designed to help mil- The program is available to typically higher than 6 percent was affected by the housing a month on his mortgage pay- HARP 2 offers more flexibili- lions of homeowners refinance borrowers with loans backed so this is to help people refi- meltdown. ments and $120,000 over the tythanstandardrefinancingop- theirmortgages.TheObamaad- by Fannie Mae or Freddie Mac nance into more affordable Inthecurrenteconomy,many long term through accelerating tions for customers like Yanez ministration introduced it in who have loans that originated mortgage rates, and you have homeowners owe more than his mortgage five years.