Can anyone explain HARP to me?

[tk2kewl]

Long-story-short: I got caught in the middle while building a new home during the credit collapse. As a result I now own 2 homes: my new one and my old one.

I have never been delinquent on either mortgage and neither mortgage is technically "underwater."

I have had difficulty renting the old house for an amount that will pay for itself, and I have been unsuccessful at selling the old house even at $120,000 less than what I paid for it in 2003.

Both mortgages are at rates above what I could get now if I could refinance but the banks are balking at my asset/debt ratio because of the 2 mortgages.

Is there anything in HARP that can help me out?

[mysuzuki2]

1. Harp is a very good Irish beer.

Drink a six pack and you'll feel better. Seriously, good luck!

[tk2kewl]

2. One of my favorite Lagers.

Unfortunately I am on a low carb diet so its only Mich Ultra for me right now :(

[trumad]

3. Sure

http://news.firedoglake.com/2011/10/24/fhfa-refi-plan-helps-banks-reduce-liability-on-bad-loan-origination/

[tk2kewl]

5. thanks

do you know how to determine if a loan is GSE-backed?

my 2 lenders: Citi, Chase

[secondwind]

4. I think HARP is only for folks who are not delinquent on their mortgages. Check it out!