Florida is dealing with a record number of foreclosures, and many homeowners are looking to the Making Home Affordable Refinance and Loan Modification program as a way to help them avoid this fate.
When the program was first announced in February, it had two main objectives:
- To help financially-needy homeowners get mortgage relief
- To help homeowners who’ve lose equity qualify for today’s low rates
Amidst high anticipation, the U.S. Treasury issued a press release providing some new details about the Making Home Affordable program. It also created an ”Am I Eligible For Making Home Affordable” form on its website.
In the press release, the Treasury detailed the President’s original blueprint: To provide explicit loan modification instructions for assisting as many as 4 million delinquent homeowners and their respective mortgage servicers.
As is often the case with any such government effort, the documentation for Making Home Affordable is some 17 pages long. Luckily, it provides detail to merit its length – as the document’s text leaves very little question about the loan modification process and how it must be administered.
But for all this detail, the document fails to lay out in clear fashion a plan of action for the nearly 5 million homeowners for whom deteriorating home equity has rendered refinancing impossible.
For these Americans, the Treasury instead offers a basic Q&A and directs homeowners to call Fannie Mae and/or Freddie Mac to confirm their eligibility. The “refinance plan,” in short, says that a homeowner who has paid his mortgage as agreed and whose home value is “about the same or less” as the amount owed on his first mortgage may be eligible.
That’s about as much as the Treasury will offer up. Clear as mud, right?
If after browsing the website, you still have questions about the Making Home Affordable program, call your mortgage lender with specific questions.
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I hope you found this post useful! As always, if you or anyone you know is in need of a local Florida mortgage broker, I’m your guy. Call me at 863-604-3019 or apply online for your Florida mortgage. We’ll keep you posted and let you know when it’s time to pull the trigger!
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I’m excited to see how this program works out. I don’t have full confidence in the plan, but I hope it does work so the many people who are in danger of losing their homes will be able to stay sheltered instead of ending up in the streets, homeless shelters or tent cities.
Imee’s last blog post..Housing Bailout Plan to Help Homeowners
As far as I know, your loan must originated no more than January 1, 2009 and the must be guaranteed or owned by Freddie Mac and Fannie Mae. You must inhabit the house as your actual residence. It may include properties that have up to four units – of course, as long as you reside in one of them.
Red Croix@Mortgage Relief´s last blog ..Where to Find Mortgage Comparison?
HI,
I Think this is really an interesting topic to discuss about the Refinance and the home loans. So that this is really a great resource for all the interested people. Anyways keep it up and keep continue with your valuable thoughts.