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Understanding Your Options When Underwater

If you owe more on your mortgage than your home is worth, don’t despair.  You have options.

  • If you want to refinance to a lower interest rate or more stable mortgage, look to the Home Affordable Refinance Program (HARP). The government-backed program has helped more than 3 million homeowners who are current on their mortgage save money by refinancing at a lower mortgage rate.
  • If you want or need to sell your home and you don’t have the funds to pay the difference between the net proceeds from the sale of your home and the mortgage, you may want to talk to your lender about a short sale. A short sale occurs when your property is sold at a price lower than the amount you owe on the mortgage, and your lender agrees to the "short" payoff.

If you’re having trouble making your mortgage payments, there are several trusted sources who will help you understand your options.

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 Success Story

HARP Success Story

Over 3 million families have benefitted from HARP. See how these families have been helped.

  Did You Know?

Did you know that of the borrowers who refinanced in 2014, 95% chose a fixed-rate loan?

 Did You Know?

Did you know that borrowers who refinanced in 2014 will save approximately $5 billion in interest over the first 12 months of their new loan?

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