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.