New HARP II Guidelines (Cont.)

According to the latest update about the new HARP guidelines on various real estate websites it looks like the revised HARP will not be ready until March or April of next year.  Currently the government has sent the rules and regulations to the banks.  The servicers who have Fannie Mae and Freddie Mac backed loans are required to participate in HARP.  However you do not have to use your current lender to do a HARP refinance.  If the loan is not backed by Fannie Mae or Freddie Mac the lender does not have to participate although they are encouraged to do so.  It does appear that it would be advantageous for the banks to modify more loans to save money from the foreclosure process.  A new update will be sent out when any news is released.