So, as you probably know, a couple weeks ago, President Obama signed into law a bill offering relief to homeowners.
The legislation generally offered incentives to banks to help the homeowners if they're facing difficulties due to interest rate increases or several other problems.
And how does one apply? Well, as of today, you can now find out everything you need to right through a brand new Web site.
That's change we can believe in!
That site is: http://www.makinghomeaffordable.gov/.
The site is part of the "Making Homes Affordable" program, which is defined as this:
Making Home Affordable is part of President Obama's comprehensive strategy to get the housing market back on track. Through the Making Home Affordable Program, up to 9 million American families may be eligible to refinance or modify their loans to a payment that is affordable now and into the future.
And just in case you're unclear on the beneficiaries of this program, it's further defined. There are generally two types of situations which this program is designed to help with.
Home Affordable Refinance
Eligible borrowers who are current on their mortgages but have been unable to take advantage of today's lower interest rates because their homes have decreased in value, may now have the opportunity to refinance. Through the Home Affordable Refinance Program, Fannie Mae and Freddie Mac will allow the refinancing of mortgage loans that they own or that they placed in mortgage backed securities.
The other situation is covered by the modification program.
Home Affordable Modification
Making Home Affordable offers help to borrowers who are struggling to keep their loans current or who are already behind on their mortgage payments. By providing mortgage servicers with financial incentives to modify existing first mortgages, the Treasury hopes to help as many as 3 to 4 million homeowners avoid foreclosure regardless of who owns or services the mortgage.
There are a number of resources to help homeowners on the site. There are tools to help you determine if you qualify for either program. Additionally, it has been designed to easily point you to the outside resources you'll need to to get the information about your loan. There's also a broad variety of informational articles and FAQs, plus information about contacting a free HUD counselor to help through some potentially turbulent times. (You shouldn't ever have to pay for any of these resources, always beware of scammers who are out for money!)
A couple screenshots:
Homepage:
Refinance Eligibility Tool
Finding a HUD Counselor
So here's the help that homeowners need! If you know of anyone who might benefit from this link, PLEASE pass it along.
http://www.makinghomeaffordable.gov/