The Government has reached out to home owners who have conforming or FHA financing. However if your mortgage is a jumbo (aka non-conforming); your options for refinancing are few…there is no HARP for you. Many home buyers used various types of mortgages to buy their dream or "move-up" homes a few years back during the loosey goosey days of mortgages and now are either dealing with or waiting for these large mortgages to adjust.
Recently I've added Jumbo mortgages back to my Friday rate quotes, including fixed and a couple of adjustable rates mortgages. The difference now is that people must actually qualify for their mortgage. No more stated income or qualifying at a teaser low interest only payment. And as I mentioned, there is no assistance for you unless your mortgage servicer is willing to do a modification.
As Diana Olick's video above addresses, banks have a large "bucket" of mortgages that are getting ready to go into foreclosure. Many are jumbos. Even if Obama's programs for loan modifications and refinances reached out to the high end home owner in need of a lower mortgage payment; if the home owner has lost their job, odds are against them.
The timing of no available mortgages for the high-end home owner couldn't be worse. For the past few years, the pricing was not attractive for jumbos. Someone with an option ARM, for example, would not want to nor probably qualify for the much higher rates if they wanted a more secure fixed rate product. This also prevents the jumbo home owner from being able to sell their home should they decide they can no longer afford it. Their home's potential prospects are limited to those with significant cash down payment to have a "high balance" loan limit (currently in the Seattle area, the 2009 high balance loan limit is $567,500).
The Seattle-Bellevue area also has a significant amount of high end homes. How many are waiting to go into foreclosure? This is one sector of the market who odds are will not see a bail out.