What is the Plan?
The Obama Administration has introduced a comprehensive Financial Stability Plan to address the key problems at the heart of the current crisis and get our economy back on track. A critical piece of that effort is Making Home Affordable, a plan to stabilize our housing market and help up to 7 to 9 million Americans reduce their monthly mortgage payments to more affordable levels.
The government’s consumer website, www.MakingHomeAffordable.gov, provides homeowners with 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.
Do I have a Fannie or Freddie Loan?
The Home Affordable Refinance Program gives up to 4 to 5 million homeowners with loans owned or guaranteed by Fannie Mae or Freddie Mac an opportunity to refinance into more affordable monthly payments. The Home Affordable Modification Program commits $75 billion to keep up to 3 to 4 million Americans in their homes by preventing avoidable foreclosures. To find out if you have a loan guaranteed by one of these sources call the numbers below or request to look up your loan on their websites:
FANNIE MAE – 1 (800) 7FANNIE (8am to 8pm EST) www.fanniemae.com/loanlookup
FREDDIE MAC – 1(800) FREDDIE (8am to 8pm EST) www.freddiemac.com/mymortgage
Home Loan Modification Plan
Many homeowners are struggling to make their monthly mortgage payments perhaps because their interest rate has increased or they have less income. A Home Affordable Modification will provide them with mortgage payments they can afford.
TAKE A QUICK QUIZ TO IF YOU MAY BE ELIGIBLE
All Information provided courtesy of www.makinghomeaffordable.gov. Please discuss all options and situation with your attorney and/or tax accountant as the opinions available on this website are not applicable to every situation. This is not to be considered advise, we are only sharing public information on the subject matter.
