Do You Qualify for the New Mortgage Refinance or Loan Modification Program? Find Out!
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Making Home Affordable is a new government program designed to help keep people in their homes by lowering monthly mortgage payments for qualifying homeowners. The plan is projected to help somewhere between 7 and 9 million homeowners all across the United States by either refinancing or modifying their mortgage. Do you qualify for the Making Home Affordable program?
There are a few simple questions that will help determine if you are eligible to participate in the Making Home Affordable program. There are two different parts to the Making Home Affordable program, the mortgage refinance and the loan modification.
The Making Home Affordable refinance program targets homeowners who are current on their mortgages, but are currently unable to refinance to a lower rate due to a drop in the value of their home. This plan targets those homeowners who have loans held by Fannie Mae or Freddie Mac and whose owe approximately the same or less than the current home value. Here is a quick set of questions to see if you qualify for the Making Home Affordable refinance program:
1. Is your home your primary residence?
2. Do you have a Fannie Mae or Freddie Mac loan? If you are not sure, you can find out if you have a Freddie Mac or Fannie Mae loan.
3. Are you current on your mortgage payments? Current means that you have not been more than 30 days late on your mortgage payment over the past 12 months.
4. Do you believe that the amount you owe on your first mortgage is about the same or less than the current value of your house?
by: Russell Benjamin
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