The PennyMac Mortgage Blog is where you'll find unbiased, useful info to help save you money, time and peace of mind during the mortgage process. If you have a mortgage or are about to get one, we think you'll find info here you can't always get elsewhere.
Beware of Fraudulent "Making Home Affordable" Offers. Owning a home can be expensive and, as one of your largest assets, it’s important to protect. As a homeowner, you may receive hundreds of offers a year to refinance or modify your home loan, promising a lower monthly payment. Unfortunately, not all offers are legitimate.
In 2009, the U.S. government introduced the Home Affordable Refinance Program (HARP) to assist homeowners in refinancing their mortgages–even if they owe more than the home’s current value. HARP isn't the only refinance program available to borrowers. But, it's the only one that allows homeowners with little or no equity to take advantage of refinancing's benefits.