Government launches web site
Makinghomeaffordable.gov can help you keep your house.
In order to make its new foreclosure prevention plan easier to use, The Obama White House has launched makinghomeaffordable.gov. The web site answers questions about eligibility, helps people contact loan servicers and offers many other resources.
Help and advice
The web site offers free help for homeowners, but it also recommends that people go through a loan modification company or counselor.
Personal Money Store can set you up with a loan modification company if you need help modifying your personal loans.
Fannie and Freddie customers
If borrowers got their loans through Fannie Mae or Freddie Mac they could be eligible for the government’s refinance program. Makinghomeaffordable.gov has links to the companies’ web sites that allow borrowers to apply for refinancing right online.
People can shop, pay bills, get payday loans and make long-distance phone calls online. What’s next?
Program 101
The government’s foreclosure prevention plan has two parts. The first part is the loan modification program, which is for mortgage holders who are behind on their payments.
The refinance programs allows Fannie and Freddie customers to adjust their loans to make monthly payments more affordable. Applicants must show proof of hardship.
Loan modification basics
When borrowers get loan modification, the bank generally lowers the interest rate on the loan to lower monthly payments. In some cases banks can extend the term of a loan.
The government’s program requires that payments be less than a third of a person’s income. The feds use foreclosure prevention funds to pitch in on payments.
More features
Makinghomeaffordable.gov also has a calculator that will tell you what your mortgage payments would be with different adjustments. It contains news clips, testimonials and lots of helpful information. It also warns against scammers, telling customers not to pay anyone for loan modification help until after their payments have already been adjusted.
It even has an instructional video and links to audio President Barack Obama’s weekly addresses. There are online quizzes to find out if you are eligible for the programs.
This is a wonderful tool for those people who are in trouble through no fault of their own, and those are the homeowners who deserve the help. Let us hope people who deserve it have the fortitude and knowledge to do so.
I am have been trying to get my mortgage reduced for at least the last 10 months my mortgage company refuse to lower my payments and the interest rate.
My husband lost his job and i am paying for everything by myself. I pray that someone will be able to help me
Hello there. Peace of Christ.
Do not feel like the Lone Ranger, there must thousands of people like you, I am one of them for over a years I have tried with different banks including mine to lower my payments, as I see the t.v. and hear what Obama says, and!!!!!! It is all a BIG-FAT LIE, why?!! Because no banks or lenders do not want to do that, simple….we stocked!!!
Let me know if you get anyone to help you, I need one too….
God Bless……….Brother james