Beware HARP Mortgage Scams!

Getting a lower interest rate on your mortgage sounds good, but don’t fall for HARP scams.

Got a call the other day from someone who claimed that he could get me an interest rate as low as 2% on my mortgage thanks to the Homeowners Affordable Refinance Program (HARP).   And next to my email almost every day is an ad from Google making the same promise. It’s a lie.

HARP is designed for people whose mortgages equal or exceed the value of their homes and whose mortgage payments exceed roughly 30% of their income (neither of which is true for me).

And if you do qualify for HARP you don’t need a middle man who will just take your money.

Here is what its says at the federal government’s Harp web site.

You may be eligible for HARP if you meet all of the following criteria:

  •     The mortgage must be owned or guaranteed by Freddie Mac or Fannie Mae.
  •     The mortgage must have been sold to Fannie Mae or Freddie Mac on or before May 31, 2009.
  •     The mortgage cannot have been refinanced under HARP previously unless it is a Fannie Mae loan that was refinanced under HARP from March-May, 2009.
  •     The current loan-to-value (LTV) ratio must be greater than 80%.
  •     The borrower must be current on the mortgage at the time of the refinance, with a good payment history in the past 12 months.

If your loan is owned by Freddie Mac, you may check your potential eligibility for HARP here.

If your loan is owned by Fannie Mae, you may check your potential eligibility for HARP here.

DO NOT respond to any of these callers or online ads.  They want to charge you for something you can do yourself.  They may even charge you just to tell you you are ineligible.

Hang up on them and go to the government web site.

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