My husband and I were waiting for HARP 3 because we owe more on our home than it is worth. What can we do?

If your current loan is FHA, VA, or USDA, there are refinance options available now.. Each one of these loan products have refinance options built in where you wouldn't need an appraisal to refinance.. if your loan is not one of these types of loan, and it's currently not eligible for HARP 2.0, then you would have to wait for HARP 3.0. Currently the proposal is with congress, and has been for some time.. however no action has been taken.. it's pretty much stalled.. so I wouldn't hold my breath.. Y

There isn't any plans for HARP 3 right now. I would say bi-weekly payments to pay your mortgage down quickly.

Don't hold your breath for HARP 3, if your current loan is not eligible for an existing HARP loan your only option is to continue to wait for the market to come back, or pay extra on your mortgage every month to try and pay it down more quickly. That has the same effect as bi-weekly payments - which I'm not a fan of unless you can't budget for youself. (The services that offer bi-weekly don't actually make a payment on your loan every two weeks, they just hold your money until the payment is due, and when there is extra money in the account 2x a year they make the extra payment for you. They make money off holding your money in their account along with that from 10's of 1000's of others.)

There really aren't any options other than to keep trying to pay down the principle on your current loan.

Do you have just 1 mortgage or 2? Do you know if your loan is backed by Fannie/Freddie/FHA/VA/ USDA? Depending upon the other details, I may be able to help guide you in the right direction. Please feel free to call/email. Cgee@perennialfunding.com or 610-233-0098. Best of luck to you!

Hi,I work with a PA broker and have lender programs that can help you. Please give me a call or email me to discuss. Thank you,Andreaandrea@monumentmortgage.net215-272-1157

You would have to wait till you have sufficient equity to refinance.. home values are improving and as you make each payment, your paying down your principal.. eventually you'll have the necessary equity to refinance.. just hang in there.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com