I don't want to confuse anyone, but President Obama and his administration rolled out the "Making Home Affordable" Program today. As part of the roll out of this program, there is a website makinghomeaffordable.gov that went live to assist borrowers with refinancing or modifying their current mortgages. I'm not sure of the reason behind all these different names, but it's definitely very confusing to a lot of people out there. What you need to know is that a program exists to help current homeowners that are suffering some sort of hardship and are struggling to make their mortgage payments. Whether you've missed a payment or not, you may be eligible to refinance or modify your loan.
If you're still confused, don't worry because if you contact your lender to find out if you're eligible, there's a good chance they won't be able to provide you with an answer. It's going to take lenders some time to prepare for this program, if they even decide to participate. The Obama administration is asking borrowers to be patient with their lenders over the coming weeks. Read more
See below for related posts:
Homeowner Affordability and Stability Plan - Part III
Homeowner Affordability and Stability Plan - Part II
Homeowner Affordability and Stability Plan
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