US Treasury Announces Making Home Affordable Guidelines

Making Home Affordable is a new program designed to offer assistance to as many as 9 million homeowners, making their mortgages more affordable and helping to prevent the impact of foreclosure. There are 2 main parts to the program:

• The Home Affordable Refinance program will be available to 4-5 million homeowners with a solid payment history on an existing Freddie or Fannie owned mortgage. This program ends June 2010.
• The Home Affordable Modification will help up to 3-4 million at-risk homeowners avoid foreclosure by reducing monthly mortgage payments.

Summary guidelines from the US Dept of the Treasury provide more detailed information.  A new website has been set up http://www.financialstability.gov/ for these programs. If you think you might be eligible to participate there is a step-thru questionnaire at the above link to guide you thru the process. Also you may call your lender to discuss their participation and your eligibility.

This entry was posted on Thursday, March 5th, 2009 at 4:42 am and is filed under General, Making Home Affordable, Mortgage modification, Refinance. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

1. tonylazz said at April 2nd, 2009 at 3:23 am

   I agree. These programs have the potential to do much to help many stay in their homes.

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