If your home’s value has dropped significantly, may very well not have adequate home equity to make refinancing economical and even possible. If your current mortgage is owned or serviced by Fannie Mae or Freddie Mac, check out the Home Affordable Refinance Program (HARP), that was made for borrowers with little equity or even negative equity.
(MCT)â€”For homeowners struggling to stay in their homes, a mortgage modification may be the way to go. But before you choose that route, make sure the modification fits your needs and your wallet. â€œEvaluating a mod (modification) offer is pretty straightforward,â€ says Keith Gumbinger, vice president at HSH.com, which publishes mortgage information. â€œKeeping in mind [...]