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.