Wednesday, October 7, 2009

Obamas Making Homes Affordable Program

Hi Everyone! I thought that I'd share a bit of important information with you. Alot of you have heard about Obamas Making Home Affordable Program. But do you know where to go to get the help? We didn't! After countless hours researching the internet I finally found it. So I'm sharing it with you.
But, first our story. Recently my husband and I tried to refinance our mortgage but ran into problems because the value of the home dropped $50,000.00 in two years of owning it. Our loan was an ARM and the montly payment was set to increase in August of this year by several hundred dollars. We knew we couldnt pay the increased amount, so we opted to call our lender. We explained our situation and the circumstances to them, filled out a couple forms they sent, and they did a loan modification with us. Yes, it was that easy!!! We have a much more affordable loan with a fixed rate, & low interest rate. I've recently heard that over 85,000 people who are eligible for the program aren't using it. I figure it's because people don't know where to go to get the process started. That is why I'm posting this today.

President Obama recently announced a broad national strategy aimed at helping homeowners to restructure or refinance their mortgage loans to prevent foreclosures. The Administration’s comprehensive plan is known as the Making Home Affordable Program.
The Making Home Affordable Program consists of two separate components:
The Home Affordable Modification Program assists homeowners already behind on their mortgage payments, as well as those anticipating financial difficulty.
The Home Affordable Refinance Program enables eligible homeowners to take advantage of today’s low interest rates — even if the outstanding mortgage balance is greater than the value of the home.
Self-Assessment Tools
The official U.S. Treasury site contains a self-assessment tool designed to see if you are among the 7 to 9 million homeowners who may benefit from the refinance or modification programs available through this government program. You can also download a borrower Q&A there. We encourage you to use the resources from the Making Home Affordable Program.

I hope that you will take advantage of this, because they aren't going to be offering it for long, by what I'm hearing. So if you think you might be eligible, go to the website and use the Assesment Tool to see if you qualify!
Have a Nice Day & thanks for stopping by for a visit!~Jody~

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