Refinancing & Loan Modification Help: MAKING HOME AFFORDABLE PROGRAM

On March 19, 2009, the Obama Administration unveiled its new website on its Making Home Affordable Program. As reported in recent Washington Reports, the program has two main components: (1) refinancing of Fannie Mae and Freddie Mac loans for borrowers who are current and have loan-to-value ratios of 80%-105%, and (2) loan modification for borrowers in default or at imminent risk of default who have high debt-to-income ratios and mortgages with balances up to $729,750 for their real estate.

The new website is designed to make information about eligibility, free counselors, and other program details readily available. It also includes links that let real estate borrowers learn whether they have a Fannie Mae or Freddie Mac loan. These programs are key elements in the effort to turn around the housing/real estate market by preventing foreclosures and avoiding unnecessary increases in the inventory of unsold homes.

Visit www.MakingHomeAffordable.gov

Source: http://www.realtor.org/fedistrk.nsf/pages/wk03232009?OpenDocument#report_10_03_23_2009