The Making Home Affordable Program
72Do You Qualify for Refinancing Through the Making Home Affordable Program?
Through the Home Affordable Refinance arm of Obama's new Making Home Affordable Program, homeowners whose homes have decreased in value may be able to refinance their existing mortgage. At The Making Home Affordable Program website (which is the official government website), you can take a short quiz which will help you find out if you qualify. The questions you will be asked are simple, and upon submission you will be re-directed at the site for further information. I took the quiz yesterday and although I will not qualify for this particular program, there is also another arm of The Making Home Affordable Program which deals with homeowners facing mortgage hardships due to job loss or an increase in their mortgage rate.
To get an idea of what you will be asked for here are the questions The Making Home Affordable website will ask you:
1. Are you the owner of a one- to four-unit home?
2. Do you have a loan owned or guaranteed by Fannie Mae or Freddie Mac?
3. Are you current on your mortgage payments?
4. Do you believe that the amount you owe on your first mortgage is about the same or less than the current value of your house?
The New Official Logo of The Making Home Affordable Program
Home Affordable Refinance
If you answered yes to all these questions, you may be eligible to get help refinancing through The Making Home Affordable Program.
The important things that will be looked at in determining if you are eligible from that point on will be if you have sufficient income to make the new mortgage payments and if refinancing will improve your ability to maintain the mortgage payments over the long term.
For more information and the direct link to the Making Home Affordable Program you can visit the official government website at www.makinghomeaffordable.com
Good luck and don't despair! It looks like some of us may be getting a bailout too!
(Dorsi Diaz is a professional writer and climate change reporter for the San Francisco Examiner)
Good video explaining the Making Home Affordable Program
The Official Government Website for the Making Home Affordable Program
- Making Home Affordable - Home
Official government website for the Making Home Affordable Program. Refinancing and help for struggling homeowners.
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Comments
Thanks Essy go ahead and post the link here. That's fine. I would like to read it and can use it at my website too!! www.GranniesGreenLiving.com. That would be great information to get out to the people!
Thanks for the Hub Dorsi. My wife and I bought our first house while the market was getting bad and prices were getting cheap. It wasn't at its cheapest yet. But, drastically went down after. So I will look into this option. Sadly I have a friend who is trying to get a home now and has about 20% to put down and they still can't get a loan. The bank wants more. My wife and I were able to get a loan with a lot less down. We could never get a house now if we would need to come up with so much of a down payment.
Good information, Dorsi. I'm sure it will come as welcome news to many readers.
I would be careful if the government wants to make these new loans recourse loans. You need to make sure that they cannot come after you if you cannot handle the homeowner bailout and have to walk away down the road. Also, Dorsi, I have a site for folks who cannot really handle the little assistence people get when trying to manage their credit card debt.
I am glad that the make home affordable plan created by the Obama administration includes some incentive measures for the lenders to utilize both the Make Home Affordable Loan Modification and the Make Home Affordable Mortgage Refinance.
I think one of the many fatal flaws of the Hope For Homeowners Program was that therewas no real incentive for the lenders to use it.
Article on Make Home Affordable - http://www.hopenhousing.org/make_home_affordable.h
Article on Hope For Homeowners - http://www.hopenhousing.org/hope_for_homeowners.ht
Also to all readers interested in obtaining this program or reading more Dorsi has another article that is very well written and has a mind boggling comment from a anonomous guess that claims to work for HOPE Now I do not know the web address but I found it by searching for phrase "make home affordable" and it was like the third link down or so and at the top of the links landing page.
Keep up the great work Dorsi you rock.
Graet article on the new Obama plan!
The Making Home Affordable Program in the News
- Obama Administration Releases New Date On Making Home Affordable Program, Includes State-Specific Modifications to DateUnited States Department of the Treasury2 days ago
WASHINGTON – Today, the Obama Administration released the next monthly report for the Making Home Affordable (MHA) loan modification program. As part of an ongoing commitment to transparency, the report includes for the first time state-specific trial modification numbers.
- Affordable Refinance ProgramRocklin & Roseville Today22 hours ago
The Home Affordable Refinance Program is one option to consider if you or someone you know is having difficulty making your monthly mortgage payment. Sacramento Realtor Julie Jalone, owner of MagnumOne Realty in Roseville explains this program and other options.
- Home loan lost in never-never landOrlando Sentinel14 hours ago
Dear Greg: Soon after purchasing our house in Avalon Park in 2006, we saw our property value steadily decrease. It's now valued 40 percent less than what we paid for it. Additionally, my wife left her job to finish school, and we just had our first baby. After the Help for Homeowners/Making Home Affordable program was announced by the White House, I researched the program and its requirements ...
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Essy84 says:
7 months ago
Great hub Dorsi!
I don't want to promote my own too much, so won't put a link, but I have a hub for government grants people can get for "going green" - might be a nice supplemental.
Keep up the good work,
Essy