As mentioned here previously on a number of occasions, the refinance possibilities for 'underwater' homes has been expanded. Announced today, the revised program is broader than previously envisioned. Basically, if your mortgage is guaranteed by either Fannie Mae or Freddie Mac, and hasn't previously been refi'ed under the HARP program, you may be eligible for the newest revisions. Your loan also must have received its Fannie or Freddie guarantee no later than May 31, 2009; the loan to value ratio must be above 80% (which it most certainly be if you're under water); and the loan must presently be current, not past due. On this last point, it also cannot have no late payments in the last six months and no more than one late in the last 12 months. The new rules eliminate the former 125% loan to value cap that had existed on this plan. Now, in theory, no matter how deeply you are submerged, you are eligible (given the other rules cited) for refi. Any questions, contact your lender and/or whichever entity, Fannie or Freddie, that backs your loan.
Good luck.
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