There is little need to worry you'll miss a chance to apply for the new Obama/FHFA refinance program. These are for loans underwater, refinanced before March 2009, and are owned (not serviced by) Fannie Mae and Freddie Mac. Comments to the main lenders and servicers will by submitted by November, expect to be able to apply for consideration of these changes no earlier than mid December.
Here is some insider commentary from Rob Chrisman.
"The hype from Monday's HARP 2.0 announcement about making it easier for credit-impaired borrowers to refinance might give the impression that it will filter through into the economy and the housing market. It is a good step, but in a conference call from Credit Suisse, analysts pointed out "this is not a game changer" to housing or the economy. They estimate 720k borrowers will be able to refinance which translates to between $2 and $3 billion in interest savings; so not much impact to the economy or housing. But many investors are focused on HARP 2.0's reps and warrants information. The biggest surprise may have been that Fannie and Freddie will waive their rights to demand refunds from lenders after flawed loan underwriting in many cases. FHFA Acting Director Edward DeMarco told reporters the companies would offer "substantial" relief from buyback demands when HARP is used without providing "blanket or absolute" waivers, except for fraud. Fannie Mae and Freddie Mac also will remove ceilings on the permitted difference between loan amounts and property values and reduce or eliminate certain upfront fees charged for weaker credits, the FHFA said. The mortgage-finance companies will also nix appraisals in more instances and require on-time payments only over the prior six months, rather than as long as one year. Look for specifics by 11/15.