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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?
If you answered yes to all four of these questions, then you may be eligible for the Making Home Affordable refinance program. You can find out more about the mortgage refinance program
If you answered no to any of these questions, then you will want to find out if you qualify for the second part of the Making Home Affordable - the loan modification plan. This plan is for homeowners who can no longer afford their mortgage payments due to an increase in interest rates, a decrease in their income, or a financial hardship such as medical expenses. This plan works for those who are current on their mortgage, or those who are behind on their mortgages. Here are four basic questions that will help to determine if you may be eligible for the loan modification plan:
1. Is your home your primary residence?
2. Is the amount you owe on your first mortgage equal to or less than $729,750?
3. Are you having trouble paying your mortgage? For example, have you had a significant increase in your mortgage payment OR reduction in your income since you got your current loan OR have you suffered a hardship that has increased your expenses (like medical bills)?
4. Did you get your current mortgage before January 1, 2009?
If you answered yes to all four of these questions, then you may be eligible for the Making Home Affordable loan modification program. Find out more about the Making Home Affordable loan modification program you answered no to any of these questions, then you still have some options available for avoiding a foreclosure.
You can find out more by visiting the Making Home Mortgage Affordable website, the number one informational resource on the Making Home Affordable program.
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