Refinancing Fair Draws Crowds to Hyattsville

Hundreds of homeowners from the Washington area attended an open house this past Saturday at Northwestern High School, looking to refinance their homes through the federal Home Affordable Refinance Program.

A recent survey found that more than 80 percent of homeowners who were recently denied refinancing under HARP, did, in fact, qualify for the program. A Maryland Department of Housing and Community Development press release said many homeowners did not understand HARP or found the program too confusing and time consuming to explore, and, as a result, never explored potential benefits.

Set to expire Dec. 31, the program was designed by the Obama administration to help borrowers behind on their mortgages. Many borrowers have not been able to refinance to today’s historically low interest rates.  “There are nearly 80,000 borrowers in Maryland that may be eligible for a HARP refinance, and the Department is mailing information letters to these homeowners,” read the release.

The HARP-eligible homeowners connected with lenders and nonprofit counselors in order to begin the refinancing process. "We want to give every responsible Maryland homeowner doing the right thing the chance to save thousands of dollars by refinancing their mortgage,” said Lt. Governor Anthony Brown in the release. “The housing market is critical to our economic recovery and we are doing everything we can to help Maryland families stay in their homes. This is the right thing to do – for our families, for our communities and for the economic vitality of our state.”

The initiative, according to the release, was announced last October by Lt.
Governor Brown at the Governor’s Housing Conference and builds upon the
O’Malley administration’s ongoing effort to preserve and protect homeownership in the wake of the most severe national housing crisis since the Great Depression.

Ten lenders and six housing counseling agencies participated in the April 6 event.

“This is a historic opportunity for our families,” said DHCD Secretary Skinner in the release. “Interest rates are at an all-time low, housing prices are beginning to rise and the Home Affordable Refinance Program may be the only opportunity for homeowners who are underwater to refinance into a more stable, more sustainable mortgage. But the window is closing,” Secretary Skinner concluded. “HARP expires Dec. 31.”

The Maryland Department of Housing and Community Development works with partners to finance housing opportunities and revitalize Maryland.

Information about DHCD’s foreclosure prevention efforts is available at http://www.mdhope.org.

Additional DHCD program information is available here: http://www.mdhousing.org. To learn more, follow Community Review, DHCD’s blog.