On March 4, 2009, The Obama Administration announced new U.S. Department of the Treasury guidelines to enable servicers to begin modifications of eligible mortgages under the Administration's Homeowner Affordability and Stability Plan – announced by President Barack Obama on February 28, 2009. The National Association of Realtors has a detailed breakdown of The Plan.
Update:The government has just launched a website that walks homeowners through the process of qualifying.
After much research I've found the following websites cover everything about the "Making-Home-Affordable" plan and mortgage information in general. If your loan is held by Freddie or Fannie, you might qualify for a refi or loan mod.
ReplyDeleteFirst, find out if your loan is held by Fannie or Freddie. Contact them here to find out. They give you the phone number to call Fannie and Freddie directly to see if your loan is held by one:
http://www.financialstability.gov.
For an idea whether you even qualify, even if your loan is held by Fannie or Freddie, you can calculate your eligibility here:
http://www.making-home-affordable.com
I’d also call HUD. I don’t have their number but you go to:
http://www.hud.gov
And last but not least is MortgageBreakDown, in my opinion one of the best new mortgage sites for independant information available. Easy to read, navigate and contains solid information:
http://www.mortgagebreakdown