Are you eligible?
Obama’s Making Home Affordable program offers two ways to help prevent foreclosure.
To qualify for a refinance, the borrower must:
1. Be current on the mortgage
2. Owner occupy a 1-4 unit home
3. Have a loan owned or securitized by Fannie Mae or Freddie Mac
4. Have a first mortgage that does not exceed 105% of the current value
5. Be able to afford the new mortgage.
A refinance will not reduce the amount you owe. It should, however, reduce the amount of interest you will pay over the life of the loan.
This program expires June 10, 2010.
To qualify for a loan modification, the borrower must:
1. Be the owner occupant of a 1-4 unit property
2. Have an unpaid principal balance of no more than $729,750 for a 1 unit property
3. Have a loan that was originated on or before January 1, 2009
4. Have a mortgage payment that is more than 31% of their gross monthly income
5. Have a mortgage payment that is not affordable
6. Be delinquent or ready to become delinquent on their mortgage payments
Only a first mortgage qualifies for this program. This program expires December 31, 2012.
There should never be a fee for assistance with either program provided through the Making Home Affordable Program.
For more information on these programs, check out Making Home Affordable.
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