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Details About The New Making Home Affordable Program

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 Department of the Treasury website

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 summary of guidelines, 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.

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4 thoughts on “Details About The New Making Home Affordable Program

  1. I am at a lost as to which way to turn. I paid a home rescue program $2,500 to do a loan modification for me. In the midst of our process our mortgage was again sold to another servicing company.

    This servicing company refuses to even consider us for a modification. We have struggled to make these past two payments in full. But with my husband having lost his second job, this is a real hardship on us and has caused us to fall back on all our other obligations.

    I don’t know who to trust or where to turn. This is such a mess now. I continually hear about the modification process, but am finding no relief at all in this.

    I agree that the website looks like something a grade school student put together. Had I come across this in a search, I would have passed it over as a scam.

    All I can do is pray, wait and see.

  2. We could use help too. We live in NJ and our fixed rate is adjustable every year because of the taxes. My husband has a pension and I’m on disability. Can we qualify or just stop paying our mortgage for a few months first than we can cathc up on other bills? My husband also has another job – still can’t make ends meet.

  3. I PURCHASEHED MY HOME IN 2005, AT THE TIME OF THE CLOSING THE AGENT INFORMED ME THAT THE BANK COULD NOT APPROVED ME FOR THE LOAN BUT COULD APROVE MY SON, I HAD TO CHOICE BUT PUT SON. BUT DIDN’T REALISE IT WAS A VARIABLE RATE. THE LOAN WAS MODIFIED THE LOAN LAST YEAR NOVEMBER WITH PAYMENT OF $3868.71 AND FIXED RATE OF 8.75%. BUT MY SON NOW WANTS IS NAME OFF THE LOAN. I DO HAVE H/H INCOME OF ABOUT $98,000 PER YEAR BUT MY CREDIT RUNS IN THE LOWER 500+ AND AM NOW TRYING TO DO AN ASSUMPTION OF THE MORTGAGE BUT THE VALUE HAS DROPPED, BUT HOW CAN I HAVE THE RATE AND MONTHLY PAYMENT LOWER? PROPERPTY IS IN DELAWARE. CAN I GET HELP FROM THE GOVERNMENT. PAYMENT IS UPTODATE.

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