If you are at risk of defaulting on your mortgage, or have already fallen behind on your payments, one option for keeping your house is to refinance your mortgage under the federal Home Affordable Refinance Program, or HARP.
Usually, refinancing is available only if you have equity in your home. However, under the government-sponsored refinance program, you may be able to refinance your current mortgage. Through HARP you may be able to:
A HARP refinance may not reduce your payment much, but it will help you avoid nasty interest rate resets that might be in your future under your current mortgage.
HARP is set to expire on December 31, 2018. More on HARP can be found in our article here.