1 year, 8 months ago
via credit-qna.com
What is "Making Home Affordable" program?
I have a close friend who is having a hard time paying off his monthly payments for his home. He wanted to modify or refinance his loan but he is still doing a lot of research on what his best options are. He heard about a program called "Making Home Affordable". What is this program about and is this something that might work for him?
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M$2 Answers
The Making Home Affordable program is a financial program that was introduced by the Obama Administration as a part of the Financial Stability Plan. This program was created to help about 7 to 9 million people who are having problems with refinancing their mortgage.
The program consists of two different parts and the two parts are for different groups of people and needs. The first part is the Home Affordable Refinance Program. This part of the program is designed to help people that have loans backed by Freddie Mac or Fannie Mae. It also helps borrowers who are finding it difficult to refinance their mortgage because the value of their house has depreciated drastically. The Home Affordable Refinance Program is estimated to aid about 4 to 5 million people who find themselves in this situation.
The second part is the Home Affordable Modification Program. This could be the part that your friend might need to apply for. It is specially created for people that are having difficulties in paying their monthly mortgage. The Home Affordable Modification Program does not help to refinance in this situation, it can only help the borrowers modify their loans and make it easier for them. It is estimated to aid up to 3 – 4 million people, so the earlier he applies, the better.
If he plans to go on with the program, he should be sure that he is eligible by answering a qualification form, which he would find on http://www.makinghomeaffordable.gov/eligibility.html.
If he is eligible, he can go ahead and Call the mortgage lender or the bank that owns his mortgage and ask for the application of the program he is interested in.
The program consists of two different parts and the two parts are for different groups of people and needs. The first part is the Home Affordable Refinance Program. This part of the program is designed to help people that have loans backed by Freddie Mac or Fannie Mae. It also helps borrowers who are finding it difficult to refinance their mortgage because the value of their house has depreciated drastically. The Home Affordable Refinance Program is estimated to aid about 4 to 5 million people who find themselves in this situation.
The second part is the Home Affordable Modification Program. This could be the part that your friend might need to apply for. It is specially created for people that are having difficulties in paying their monthly mortgage. The Home Affordable Modification Program does not help to refinance in this situation, it can only help the borrowers modify their loans and make it easier for them. It is estimated to aid up to 3 – 4 million people, so the earlier he applies, the better.
If he plans to go on with the program, he should be sure that he is eligible by answering a qualification form, which he would find on http://www.makinghomeaffordable.gov/eligibility.html.
If he is eligible, he can go ahead and Call the mortgage lender or the bank that owns his mortgage and ask for the application of the program he is interested in.
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M$Report Abuse
I think your friend @annelisle could have many options to refinancing his home. I am not sure what country he is currently residing in. He should search for the best one that offers the best advantage for him like with lowest interest rate per annum with extended years. Here in the Philippines, we have the PAG-IBIG which offers very low interest on housing. There are government programs available for anyone but they should just inquire their housing authorities for information. We have not tried it ourselves since we chose to build our own house using the shorter term loans.
So in the US, President Obama has this ‘Making Home Affordable Program’ which gives one the opportunity to modify or refinance his mortgage to make monthly payments more affordable. It also includes Home Affordable Foreclosure Alternatives Program for individuals who are interested in short sale or in-lieu of foreclosure. Just beware though of rescuer scammers as help that one should get is totally free. In order for your friend to get help, please let him choose the one that applies to him and let him check his eligibility here: http://makinghomeaffordable.gov/eligibility.html.
So in the US, President Obama has this ‘Making Home Affordable Program’ which gives one the opportunity to modify or refinance his mortgage to make monthly payments more affordable. It also includes Home Affordable Foreclosure Alternatives Program for individuals who are interested in short sale or in-lieu of foreclosure. Just beware though of rescuer scammers as help that one should get is totally free. In order for your friend to get help, please let him choose the one that applies to him and let him check his eligibility here: http://makinghomeaffordable.gov/eligibility.html.
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