Making Homes Affordable

These are trying times in the economy and the housing market, however there is help. The Obama administration recently launched www.makinghomeaffordable.gov, a website to help homeowners in trouble find out if they are eligible for loan refinancing or modification.

The Making Home Affordable site explains in a simple fashion the two areas of help you may qualify for. One is refinancing for those homeowners that are able to make payments, but may not be able to re-fi under new low mortgage rates due to a drop in the value of their home in comparison to what they still owe on their home loan. The second area of assistance is the loan modification program. You may qualify for a loan modification if you have had a current change in your financial situation making you unable to keep up with your loan payments. You may also qualify if your loan payment is more than 31% of your gross monthly income. Not easy numbers to come up with, and be sure to have your documentation handy before contacting your loan institution.

If you find with the assessment tool on the government's making homes affordable site that you do not qualify for the programs, that doesn't mean you need to fall into foreclosure. See below for more resources to help your personal situation as we all work together to make homes affordable.

Visit our Mortgage Refinance Center