www.makinghomeaffordable.gov making home affordable refinance plan program

www.makinghomeaffordable.gov is a government website for helping americans with affordable home refinance and mortage refinance information. Makeinghomeaffordable.gov clearly says that you can use self-assessment tools provided  to see if you are among the 7 to 9 million homeowners who may be able to benefit from Making Home Affordable. Makinghomeaffordable.gov offers some really great help especially in the area of Loan Modification which they call Home Affordable Modification Program. The Home Affordable Modification Program is designed to help borrowers struggling with unaffordable mortgages reduce their monthly payments to sustainably affordable levels and is not limited to Fannie Mae and Freddie Mac loans. If you are struggling to make your payments, and your loan is not owned by Fannie Mae or Freddie Mac, you may be eligible for the Home Affordable Modification Program.  The eligibility criteria for the Home Affordable Modification Program are:

• Be an owner-occupant in a one to four unit property,
• Have an unpaid principal balance that is equal to or less than $729,750 for one unit properties (there is a higher limit for two to four unit properties),
• Have a loan that was originated on or before January 1, 2009,
• Have a mortgage payment (including taxes, insurance, and home owners association dues) that is more than 31% of your gross (pre-tax) monthly income,
• Have a mortgage payment that is not affordable, perhaps because of a significant change in income or expenses.

If you have additional questions, you can also contact the Homeowner's HOPE™ Hotline at 1-888-995-HOPE. Besides the Home Affordable Modification Program, Government also offers Home Affordable Refinance Program. The Making Home Affordable Refinance Program is designed specifically to help those whose home values may have fallen relative to their mortgage values. The program is available to homeowners with a first loan, owned or guaranteed by Fannie Mae or Freddie Mac, that is 80-105% of the value of the home. A typical homeowner can now refinance and save around $2,000.

• Rates on 30-year mortgages have dropped to an all-time low of 4.78 percent.
• Refinancing applications are up 88 percent (Mortgage Banker’s Association).
• Fannie Mae refinanced $77 billion of mortgages in March, nearly twice the February amount, and their highest volume in one month since 2003.

If you are looking for a private loan modification Program, then we suggest you try Loan Modification Today