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Two major policy changes have been announced that could help millions of homeowners.  First,
Fannie Mae and Freddie Mac recently announced a series of changes to the Home Affordable Refinance Program (HARP) to allow more borrowers refinance their home mortgage. Second, a consent order with federal regulators and banks have resulted in an Independent Foreclosure Review. 

Home Affordable Refinance Program (HARP)

HARP enables borrowers who owe more than their home is worth to take advantage of low interest rates and other refinancing benefits.  The program changes would eliminating certain risk-based fees for borrowers who refinance into shorter-term mortgages; remove the current 125 percent loan-to-value (LTV) ceiling for fixed-rate mortgages backed by Fannie Mae and Freddie Mac; waive certain representations and warranties that lenders commit to in making loans owned or guaranteed by Fannie Mae and Freddie Mac; and eliminate the need for a new property appraisal where there is a reliable AVM (automated valuation model) estimate. HARP will be available to borrowers with loans sold to Fannie Mae or Freddie Mac on or before May 31, 2009 with current  LTV ratios above 80 percent.

To learn more about how HARP may help you refinance, click this link.

Independent Foreclosure Review

Homeowners whose primary residence was part of a foreclosure action in 2009 or 2010, and whose home loan was serviced by a participating servicer, may be eligible for an Independent Foreclosure Review.  Federal regulators have required an Independent Foreclosure Review by an independent consultant to identify eligible customers who may have been financially injured due to errors, misrepresentations, or other deficiencies in their foreclosure process. If the review finds that financial injury occurred, the customer may receive compensation or other remedy.

To learn how you may benefit from a review, click this link.