President Obama announced the implementation of the Homeowner Affordability and Stability Plan, which will allow some homeowners to refinance mortgages via a streamlined process. The plan is also known as the Making Home Affordable program, and it will allow between 7 and 9 million people to refinance their mortgages, at today’s lower rates, and provides incentives for lenders and those home buyers who refinance their loans.
The U.S. Department of the Treasury and the Obama Administration have announced the details of the new Making Home Affordable program. According to the–
Making Home Affordable will offer assistance to as many as 7 to 9 million homeowners, making their mortgages more affordable and helping to prevent the destructive impact of foreclosures on families, communities and the national economy.
The Home Affordable Refinance program will be available to 4 to 5 million homeowners who have a solid payment history on an existing mortgage owned by Fannie Mae or Freddie Mac… Under the Home Affordable Refinance program, many of them will now be eligible to refinance their loan to take advantage of today’s lower mortgage rates or to refinance an adjustable-rate mortgage into a more stable mortgage, such as a 30-year fixed rate loan.
The Home Affordable Modification program will help up to 3 to 4 million at-risk homeowners avoid foreclosure by reducing monthly mortgage payments.
The Department of the Treasury has created a dedicated website – FinancialStability.gov – with more information about the Making Home Affordable program. If you think that you might qualify for this government program, visit the FinancialStability.gov website, and use the provided self-assessment tool. Also, you might want to read this , just to get an idea of what some of the qualifications for loan modification are.
If you are struggling to make your mortgage payments, you might want to take a look and see if you could benefit from this program. Also, as the FinancialStability.gov site reminds, please be aware of foreclosure rescue scams. Information about the Making Home Affordable program is free, as is counseling from a HUD-approved housing counselor.
I would be interested to know if any of you are thinking about utilizing this program.