Thursday, March 19, 2009

"Making Home Affordable" Website

The Obama Administration announced the "homeowner bailout" last month, with further details rolled out on March 4th. But it's only today that the program's own website has gone live.

There are two different kinds of help available in the "Making Home Affordable" program:

Home Affordable Refinancing

"Many homeowners pay their mortgages on time but are not able to refinance to take advantage of today’s lower mortgage rates perhaps due to a decrease in the value of their home. A Home Affordable Refinance will help borrowers whose loans are held by Fannie Mae or Freddie Mac refinance into a more affordable mortgage."

Home Affordable Modification

"Many homeowners are struggling to make their monthly mortgage payments perhaps because their interest rate has increased or they have less income. A Home Affordable Modification will provide them with mortgage payments they can afford."

If you are delinquent on your loan payments and need immediate assistance call 1-888-995-HOPE (4673)

For Central Virginia assistance, contact the Piedmont Housing Alliance. Click here for their website, or call 434-817-2436

To find a HUD (Housing and Urban Development) Counselor, click here.

Materials you will need to talk with a counselor and for modification/refinancing include:

  • Information about your first mortgage, such as your monthly mortgage statement.
  • Information about any second mortgage or home equity line of credit on the house.
  • Account balances and minimum monthly payments due on all of your credit cards.
  • Account balances and monthly payments on all your other debts such as student loans and car loans.
  • Your most recent income tax return.
  • Information about your savings and other assets
  • Information about the monthly gross (before tax) income of your household, including recent pay stubs if you receive them or documentation of income you receive from other sources.
  • It may also be helpful to have: A letter describing any circumstances that caused your income to be reduced or expenses to be increased (job loss, divorce, illness, etc.) if applicable.
For all the information you need, including eligibility, FAQ, essential links, go to:

1 comment:

Imee said...

I'm not completely sold on the Making Home Affordable program yet, but with the information I've read about it so far I think it will work to an extent. I hope it does. The mortgage problem in the country is screaming for help.