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There's been much debate about who is being helped by the never ending stream of bailouts. A main point of contention is that the programs for refinancing or modifying mortgage loans seems to only help those who have neglected to pay their mortgage as agreed. Granted, there are people in that situation who have a legitimate plea for help but what about the "responsible" individuals who have done all they can and kept their payments current?

While there are a number of options that provide relief for borrowers who have been unable to stay current with their mortgage obligations there is also a new government assistance program for those with good payment histories. The Home Affordable Refinance introduced last month is designed to offer an opportunity to refinance at today's low rates even if the mortgage balance is more than the current value of the home.

Many homeowner's have found themselves in a position where they put 20% down on their home purchase but due to declining values find themselves without equity in their property. Until the introduction of the Home Affordable Refinance there were no mortgage products available to allow these borrowers to take advantage of the lowest mortgage rates in recent history.

Here are some of the requirements for eligibility:

• The home must be your primary residence
• Your loan must be owned by Fannie Mae or Freddie Mac
• You must have made your last 12 mortgage payments on time
• Your loan balance may exceed your current value by up to 25%
• You qualify for the new payment

To find out if your loan is owned our securitized by Fannie Mae or Freddie Mac go to www.MyEliteLending.com/HelpMe .

The financing options available for today's home owners are in constant flux. Whether you are in a distressed situation or just want to be sure you are taking advantage of any special opportunities it's best to seek the counsel of a mortgage professional. Many lenders have modification and short sale programs that go above and beyond those sponsored by the government so be sure to speak with someone up to date on recent developments.

For Florida residents, consultations and pre-approvals are conducted for free by Elite Lending. Please call 561-575-5626 to speak to a mortgage specialist.