Government Web Site for Those With Properties In Distress

The federal Administration has introduced a comprehensive Financial Stability Plan to address the key problems at the heart of the current crisis and get our economy back on track. A critical piece of that effort is Making Home Affordable, a plan to stabilize our housing market and help up to 7 to 9 million Americans reduce their monthly mortgage payments to more affordable levels.

The Home Affordable Refinance Program gives up to 4 to 5 million homeowners with loans owned or guaranteed by Fannie Mae or Freddie Mac an opportunity to refinance into more affordable monthly payments. The Home Affordable Modification Program commits $75 billion to keep up to 3 to 4 million Americans in their homes by preventing avoidable foreclosures.

Their consumer website, www.MakingHomeAffordable.gov, provides homeowners with detailed information about these programs along with self-assessment tools and calculators to empower borrowers with the resources they need to determine whether they might be eligible for a modification or a refinance under the Administration's program. Through this website, borrowers can also connect with free counseling resources to help with outstanding questions; locate homeowner events in their communities; find a handy checklist of key documents and materials to have ready when making that important call to their servicer as well as FAQs from borrowers in similar circumstances; and much more. (Source: MakingHomeAffordable.gov)

Website: MakingHomeAffordable.gov


NOTE: As Certified Distress Property Experts (CDPE), if you are someone you know is dealing with a property that is in distress or facing the possibility of foreclosure, we will be happy to discuss your particular situation and what can be done to take care of it. It is important that you begin a soon as possible to act on this once you are aware you may be facing a distress situation, such as the possibility of foreclosure.


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