Loan Modification & Home Affordable Program
If you are trying to make your home mortgage affordable, behind on payments or even facing foreclosure, then consider reviewing the information below about Obama’s Home Affordable Program. On April 4th many mortgage service providers like SunTrust and Wells Fargo will begin reviewing applications for the affordable initiative. Here are some highlights of the programs:
Loan Refinance Program:
Under this program homeowners can refinance home loans that Freddie Mac or Fannie Mae own or guarantee. The program can help people who are currently making their loan payments, have stable income and have a higher loan to value ratio due to declining market values.
If you don’t know if you have a government sponsored loan (GSE) then call or visit:
- 1-800-7FANNIE or www.fanniemae.com/homeaffordable
- 1-800-FREDDIE or www.freddiemac.com/avoidforeclosure
Loan Modification Program:
This program allows loan modifications for homeowner-occupants who are having a hardship, in default or close to defaulting on their loan. The entity that services the loan must be the one to preform the modification, especially if you are in default. So contact your lender to start the process.
Visit our special blog posting for information to have on hand for when applying for the Affordable Program.
Visit this site http://makinghomeaffordable.gov/ for more information about eligibility and program details.