Evo-rr

Evo-rr

The first program is the "Home Affordable Refinance Plan". This option is directed to homeowners who have thus far been able to make their mortgage payments, but who are unable to refinance their mortgages because their homes have become "upside-down". In other words, because of drastically falling home prices, they now owe more on their mortgages than the present value of their home. The "Home Affordable Refinance Plan" is a federally subsidized program to allow mortgage refinancing for 15 or 30 year terms. Refinancing is subject to current interest rates, and closing costs apply. It is specially focused toward homeowners facing higher mortgage payments due to adjustable rate mortgages, as this plan offers a fixed rate mortgage.