The Home Affordable Refinance Program or HARP, the program that will allow you to refinance your upside down mortgage has come out with their guidelines recently. Originally we were told that banks would start taking loan applications for this program in December. Well, that’s been pushed back to March. Here’s why. In order to be eligible for the program, you must get a desktop underwriting or DU automated approval through Fannie Mae’s system. The current version of DU will reject if LTV is over 125% but, the new version of DU coming out in March that will accept unlimited LTVs. Now remember, in order to qualify for this program, your current loan must be owned by Fannie Mae or Freddie Mac, and needed to be completed before June 2009. If you own a home in California, and want to find out of you qualify to refinance starting in March, give me a call or send me an email. If any new developments come along before then, I’ll be sure to let you know.

Do you remember a few weeks ago, Bank of America announced they were going to start charging $5 a month to use their debit cards. Well after a huge backlash from their customers, it appears B of A has had a change of heart. Check this out this public service announcement that appeared on the Ellen DeGeneres show recently.

Interest rates this week remained stable, and this is the time you should be getting ready to make your new years resolution to save money in 2012. If you’re renting, you might be surprised to find out that owning a home could be cheaper than renting. If you want to find out in 5 minutes, give me a call and let’s take a look. If you know anyone who’s underwater on their mortgage, please forward this video to them so they can get the help they need once the HARP program is released by the banks.