Making Your Home Affordable - 2 Programs you may not know about

It has been a frustrating time for home owners. There is no doubt about it. I have listened to a lot of home owners who purchased their home with an arm loan thinking they would refinance in a couple of years and leverage some of the equity that was built up over that time period. However, with the foreclosures in their neighborhood or lower comparable sales prices, they have been unable to refinance. The sad part is that the banks would not even talk to them because they were not behind on their payments.

Well there are two new programs that I just heard about that I want to share with you. I want to through out the disclaimer that I have not heard of anyone who has leveraged this program yet. So I would appreciate the feedback if you have.

Home Affordable Refinancing

It is stated this program is for homeowners who pay their mortgages on time but are not able to refinance and take advantage of today's lower mortgage rates due to a decrease in the value of their home. They will help borrowers whose loans are held by either Fannie Mae or Freddie Mac refinance into a more affordable mortgage.

Home Affordable Modification

It is stated this program is for homeowners struggling to make their monthly mortgage payments maybe because their interest rate has increase due to an arm loan or they have less income. They will provide you with mortgage payments that you can afford. It was explained to me that they have been working with clients to adjust their monthly payments for a period of 3 or so years in order to help bridge them through this crisis. Then the mortgage rate and payments will be adjusted back to what they would have been at the time they began the program. So at the amazingly low rates that we are experiencing, which souns like a great program!


If either of these programs are of interest to you, then go to: www.makinghomeaffordable.gov.