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In 2012 the federal government tweaked a mortgage relief program to help more homeowners. The goal is to assist people who owe more on their home than it's worth, who are paying high interest rates. The hope is to allow these homeowners to refinance into a lower interest rate, regardless of the value of the home. This could save some homeowners a good chunk of change on their monthly house payments. And the program ends this year.
HARP is the short form for the home affordable refinance program. It is a US federal Government initiative that was started in March 2009 with the goal of helping underwater home owners to refinance their mortgages.
Here's a question a homeowner recently asked in connection to HARP 2: "Can I add my wife to the mortgage if I refinance with this HARP thing?" It's a common situation. The borrower took out a mortgage on his house, then got married a few years later. Now he's looking at an interest rate higher than his neighbors but can't refinance because of falling home values. that's why he's looking at HARP 2 as a solution. Of course, now he wants to add his wife to the mortgage. Well, he can. According to the Fannie Mae guidelines for HARP 2 "Borrowers may be added in the new transaction provided the original borrowers remain on the loan."