Making Home Affordable
makinghomeaffordable.gov
Some help may finally be available to homeowners who are having trouble with their mortgage payments.
Making Home Affordable is a part of Obama’s plan to help up to 9 million families either refinance or modify their loans “to a payment that is affordable now and into the future.
To refinance your mortgage under the Making Home Affordable plan, you must meet the following:
- You are the owner occupant of a one to four unit home
- The loan on your property is owned or securitized by Fannie Mae or Freddie Mac (Don’t know? See below)
- At the time you apply, you are current on your mortgage payments (current means that you haven’t been more than 30-days late on your mortgage payment in the last 12 months or, if you have had the loan for less than 12 months, you have never missed a payment)
- You believe that the amount you owe on your first mortgage is about the same or slightly less than the current value of your house,
- You have income sufficient to support the new mortgage payments, and
- The refinance improves the long term affordability or stability of your loan.
Many loans have been securitized by Fannie Mae or Freddie Mac, so even if you’re not sure, it would be a good idea to check with your lender because you may qualify for this program. You may even qualify if you owe more than your home is worth, as long as it does not exceed 105%. Your property would be reappraised after you apply.
If you are delinquent on your mortgage, you WILL NOT qualify. If you have been 30 days late more than once during the last 12 months, you will not qualify. If you have been 30 days late and you have had your mortgage for less than 12 months, you will not qualify.
Anyone interested should act quickly, as the program ends on June 10, 2010.
You can contact Fannie Mae at 1-800-7FANNIE and Freddie Mac at 1-800-FREDDIE
Additional information can be found at http://www.makinghomeaffordable.gov
They have a self assessment tool.
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You are absolutely right about it!
I think it's great that the Making Home Affordable program has an official website so people won't get confused. It's also good that many concerns are already addressed and that it is a very interactive site for the sake of curious and concerned Americans.
This will definitely help a lot of people, but I don't think it will solve the underlying issues. Plus, we are engaging in the same behavior that got us in this mess: subsidizing housing and making it easier for people to buy and (pretend) to afford housing.
This will definitely help a lot of people, but I don't think it will solve the underlying issues. Plus, we are engaging in the same behavior that got us in this mess: subsidizing housing and making it easier for people to buy and (pretend) to afford housing.
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