May 11, 2009

Making Home Affordable Refinance: The Rules

By Marcie Geffner • Bankrate.com

The federal government's Home Affordable Refinance program is designed to help homeowners refinance their mortgages even if they owe slightly more than the current value of their homes.

The program could be a boon for some borrowers, though its many layers of rules may resemble one of those maddeningly complex contests that offer valuable prizes to people who complete a maze of special offers.

The program is complicated because the federal government has a top-level set of rules; Fannie Mae and Freddie Mac have their own separate sets of rules; and lenders, loan servicers and mortgage insurers generally have their own rules as well.

Borrowers may well wonder where to begin. Here's our guide to help you navigate through this labyrinth of rules.

Read on: http://www.bankrate.com/finance/mortgages/do-you-qualify-for-refi-plan-1.aspx