President Obama announced the details of the Making Home Affordable Initiative, intended to help millions of families avoid foreclosure. There are two parts to the program – one will allow borrowers in good standing whose loans are owned or securitized by Fannie Mae or Freddie Mac to refinance and take advantage of the current low interest rates, with a loan of up to 105% of the current value of the house.
The second encourages lenders and services to modify loans for borrowers in default, or about to go into default, so that the borrower pays no more than 31% of their gross income for mortgage payments (including principal, interest, taxes, insurance and condo or homeowners’ association fees).
Learn more about loan refinancing and modifications under the President's "Making Home Affordable" initiative by visiting www.MakingHomeAffordable.gov
Click here for Questions and Answers about this program
Click here to see if you are eligible for this program.
To find out if you have a loan owned or securitized by Fannie Mae or Freddie Mac contact them at:
For Fannie Mae:
1-800-7FANNIE (8am to 8pm EST).
For Freddie Mac:
1-800-FREDDIE (8am to 8pm EST)
HOW WE CAN HELP YOU!
If you are currently behind on your mortgage or expect to have problems paying your mortgage and would like a HUD certified housing counselor to assess your situation and recommend options, Click here to download our intake forms to expedite our help to you.
If you do not have access to a printer to print the forms, you can call or email Housing Opportunities Made Equal's foreclosure prevention team to have the information mailed to you at 804.354.0641 (press 2 then press 3) or preventforeclosure@phonehome.org.
Beware of Foreclosure Rescue Scams - Help Is Free!
- There is never a fee to get assistance or information about Making Home Affordable from your lender or a HUD-approved housing counselor.
- Beware of any person or organization that asks you to pay a fee in exchange for housing counseling services or modification of a delinquent loan. Do not pay – walk away!
- Beware of anyone who says they can “save” your home if you sign or transfer over the deed to your house. Do not sign over the deed to your property to any organization or individual unless you are working directly with your mortgage company to forgive your debt.
- Never make your mortgage payments to anyone other than your mortgage company without their approval.
- If you suspect that someone may be trying to take advantage of you because you are facing foreclosure, call HOME at 804.354.0641 before you sign anything or pay any money!!!