Makinghomeaffordable.gov is Making Home Affordable For More People

With the housing market in the turmoil it is in and many home loans being foreclosed on, the new government website offers advice and other resources for homeowners to use. Homeowners can obtain information from the sites many tools such as eligibility requirements. Also they can use the payment reduction estimator to determine how much their mortgage payment could be reduced by if they qualify.

There is also a section of frequently asked questions that are very helpful to homeowners that is trying to make home affordable for their family. From the makinghomeaffordable.gov website, homeowners can also get information on finding a counselor to help with reducing their mortgage payments.

Homeowners can also obtain information on the making home affordable modification program that is designed to help families stay in their homes and avoid foreclosure. The program will prevent 3 to 4 million Americans from losing their homes to foreclosure.

Homeowners can also get information on the makinghomeaffordable.gov website about loans that are available through Freddie Mac and Freddie Mae. As part of the Home Affordable Refinance Program, these loans will give 4 to 5 million American homeowners a chance to refinance more affordable mortgage payments and prevent foreclosures.

As more people are facing foreclosures, more scams have surfaced that claim they can help homeowners in making home affordable. Instead the scams leave the homeowners often in worst shape than they started. Here is some advice to avoid such scams.

- If contacted by someone offering these services, check with an approved counselor at HUD to verify that they are a legit company.
- Never pay a fee for assistance or information to a lender or counselor about making home affordable.
- If someone asks for the deed of the home to be signed over to them – do not and walk away, unless you are working directly with your mortgage company as part of debt forgiveness.

The new website makinghoemaffordable.gov is a great new resource for all homeowners that are struggling to make their monthly mortgage payments. The tools and resources on there give helpful information to all who are working on making home affordable.