The Treasury Department began implimenting programs last month that they are hoping will bring help and hope to Jefferson County distressed homeowners.  The Making Home Affordable program is part of the American Recovery and Reinvestment Act.  This program offers two options for homeowners.  The loan modification program is primarily aimed at helping distressed homeowners who are falling behind on their payments.  The refinancing program is primarily aimed at homeowners who foresee problems making their mortgage payments in the future.  The refinance program will allow homeowners to refinance their home at today's low interest rates.  The refinance program only applies to homes which are held by Fannie Mae or Freddie Mac.  However, the FHA Hope For Homeowners loan modification program has been expanded.
 
Jefferson County home values have been impacted by the number of foreclosed homes on the market.  The Make Home Affordable programs were implemented to slow and reverse this trend.  Homeowners who have seen a decline in their home's value may still apply for either a loan modification or a home refinance.
 
FHA Hope For Homeowners and Making Home Affordable loan modifications and Making Home Affordable refinancing programs all have guidelines which must be met by the homeowner.  There are free websites that offer online tools to help you determine your eligibility.  Avoid scam artists who charge for their services.  Whether your home loan is FHA insured, Fannie Mae or Freddie Mac owned, you can use the online tools offered at Making Home Affordable website.  This website offers questionnaires and calculators to help distressed homeowners determine their eligibility and what their payment reductions may be as well.
 
The government is offering hope for distressed homeowners in Jefferson County and the nation.  Please take advantage of these free websites, even if you have had a reduction in your income or in your home's value. 
 
Tommy Underwood, Harper Valley Real Estate