Source: HUD "Making Home Affordable"
What is “Making Home Affordable" all about?
Making Home Affordable is part of President Obama's comprehensive strategy to get the housing market back on track. Through the Making Home Affordable Program, up to 9 million American families may be eligible to refinance or modify their loans to a payment that is affordable now and into the future.
Homeowners Who Pay Their Mortgage on Time
Eligible borrowers who are current on their mortgages but have been unable to take advantage of today's lower interest rates because their homes have decreased in value, may now have the opportunity to refinance. Through the Home Affordable Refinance Program, Fannie Mae and Freddie Mac will allow the refinancing of mortgage loans that they own or that they placed in mortgage backed securities.
Beginning April 4, 2009, borrowers whose loans are owned or securitized by Fannie Mae may also apply through any Fannie Mae approved lender. That's me!
Are You Eligible?
Use the following link to determine eligibility.
http://makinghomeaffordable.gov/refinance_eligibility.html
Frequent Questions
http://www.financialstability.gov/docs/borrower_qa.pdf
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