What is "Making Home Affordable" About?
Making Home Affordable
Updated March 18, 2009
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.
Help is free... if you're receiving phone calls or mail asking for a fee, or advance payment... you're probably being scammed! Do not pay anyone... hang up, or walk away!
Help is free... if you're receiving phone calls or mail asking for a fee, or advance payment... you're probably being scammed! Do not pay anyone... hang up, or walk away!
Home Affordable Loan Modifications
If you can no longer afford to make your monthly loan payments, you may qualify for a loan modification to make your monthly mortgage payment more affordable. Millions of borrowers who are current, but having difficulty making their payments and borrowers who have already missed one or more payments may be eligible.
To apply for a Home Affordable Loan Modification, you must:
- Be an owner-occupant in a one to four unit property,
- Have an unpaid principal balance that is equal to or less than $729,750 for one unit properties (there is a higher limit for two to four unit properties – consult your servicer),
- Have a loan that was originated on or before January 1, 2009,
- Have a mortgage payment (including taxes, insurance, and home owners association dues) that is more than 31% of your gross (pre-tax) monthly income, and
- Have a mortgage payment that is not affordable, perhaps because of a significant change in income or expenses.
If you answered YES to all of these questions, you may be eligible to apply for a Home Affordable Loan Modification. Only your lender, or loan servicer will be able to tell if you qualify.
Home Affordable Loan Refinance
If you are a homeowner who is current on your mortgage payments but unable to refinance to a lower interest rate because your home value has decreased, you may be able 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.
You may be eligible if:
- You are the owner occupant of a one to four unit home,
- The loan on your property is owned or securitized by Fannie Mae or Freddie Mac,
- At the time you apply, you are current on your mortgage payments,
- You believe that the amount you owe on your first mortgage is about the same or slightly less than the current value of your houses,
- You have income sufficient to support the new mortgage payments, and
- The refinance improves the long term affordability or stability of your loan.
For additional information… email Info@RealEstateParkCity.com , call Michael Hebert (435) 640-3111, or go the federal government’s site www.MakingHomeAffordable.gov
Beware of Foreclosure Rescue Scams - Help is Free
Beware of Foreclosure Rescue Scams - Help Is Free!
- There is never a fee to get assistance or information about Making Home Affordable from your lender or a HUD-approved housing counselor.
- Beware of any person or organization that asks you to pay a fee in exchange for housing counseling services or modification of a delinquent loan. Do not pay – walk away!
- Beware of anyone who says they can “save” your home if you sign or transfer over the deed to your house. Do not sign over the deed to your property to any organization or individual unless you are working directly with your mortgage company to forgive your debt.
- Never submit your mortgage payments to anyone other than your mortgage company without their approval.
The Obama Administration has launched a coordinated effort across federal and state government and the private sector to target mortgage loan modification fraud and foreclosure rescue scams that threaten to hurt American homeowners and prevent them from getting the help they need during these challenging times.
