Published On: April 23, 2013

Fannie and Freddie’s Home Affordable Refinance Program, scheduled to expire Dec. 31, would be extended to the end of 2015.

“Heads I win, tails you lose” is a fraudulent coin toss. Wells Fargo did no better.”

refinance programIn April, 2013, the Federal Housing Finance Agency announced that Fannie and Freddie’s Home Affordable Refinance Program, scheduled to expire Dec. 31, would be extended to the end of 2015.  This means that homeowners with Fannie Mae- and Freddie Mac-backed mortgages will have another two years to try to refinance their loans.

The basics for eligibility for the program will remain the same:

1) the mortgage must be owned or guaranteed by Fannie or Freddie on or before May 31, 2009.
2) the current loan-to-value ratio must be greater than 80 percent.
3) borrowers must be current on their mortgage payments, with no late payments in the past six months and
4) they cannot have made more than one late payment in the past 12 months.

According to the FHFA web site this program has assisted more than 2 million homeowners in refinancing their mortgages.   How many of these borrowers were able to keep their homes after refinancing is unknown, or at least I could not find any statistics on that very important fact.

Diane L. Drain, bankruptcy attorney, retired law professor, mentor and community spokesperson.

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  • “Should I keep my home or let it go into foreclosure?”
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MUSINGS BY DIANE: “To apply for the program, homeowners should first determine if they have a Fannie or Freddie loan.  If so, the borrower should contact their existing lender.  Homeowners should not use third parties who advertise themselves as “foreclosure specialists or experts”.  Many of these companies are in the business to take money for services they fail to perform or that the homeowner can do themselves.  Do your homework before hiring anyone to “help” you.  Check the Internet, ask for references, check with the Attorney Generals Office in your state.”

By |Published On: April 23rd, 2013|Last Updated: May 29th, 2022|

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About the Author: Diane Drain

Diane is a well respected Arizona bankruptcy and foreclosure attorney. As a retired law professor, she believes in offering everyone, not just her clients, advice about bankruptcy and Arizona foreclosure laws. Diane is also a mentor to hundreds of Arizona attorneys.

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