Government site big help for homeowners who are behind in their payments, or who cannot refinance.
The Obama Administration has created a plan - the Home Affordable Refinance Program - to help up to 7 to 9 million Americans reduce their monthly mortgage payments to more affordable levels. You can now access information on the plan and get help with applying for one of the two different programs in the plan by going to www.MakingHomeAffordable.gov
One progarm is for people who need to refinance to a lower interest rate but cannot do so because their mortgage balance exceeds the current value of their home. This program is available to people who want to refinance whose loans are owned or guaranteed by Fannie Mae or Freddie Mac. (You can find out if your mortgage qualifies right at the site).
There are 4 to 5 million homeowners that could benefit from this program. If you do qualify, it will help you refinance your mortgage into a new one with a lower interest rate and more affordable monthly payments.
The second program - "The Home Affordable Modification Program" - commits $75 billion to keep up to 3 to 4 million Americans in their homes by preventing avoidable foreclosures. MakingHomeAffordable.gov gives you access to counselors who can help you arrange for a modification of your loan -- through a reduction of interest rate, suspension of payments or even a reduction in the principle of your mortgage. It also gives you help if you want to try to negotiate your own modification.
MakingHomeAffordable.gov provides detailed information about these programs along with self-assessment tools and calculators to empower borrowers with the resources they need to determine whether they might be eligible for a modification or a refinance under the Administration's program. It also has a handy checklist of key documents and materials you should have ready when making that important call to your loan servicer.
Written by Jack Edmonston - the editor of www.askjackaboutdebt.com.
Comment and add to the story without registration, but keep the comments meaningful please. Links are not accepted.
