UPDATED AGAIN 10/24/2011 - new info NOT reflected in this post
St Paul, MN: The Obama Administration last year unveiled the "Making Home Affordable Program," which was designed to help up to 5 million American families refinance their loans to a payment that is affordable now and into the future.
This program was aimed at helping responsible homeowners "refinance" their loans to take advantage of historically low interest rates when they have little or no equity. 
Has your home LOST VALUE? THIS IS YOUR BAILOUT!
The program was set to expire this June, but has been extended one year to June 2011 in an effort to help as many people as possible. So far, only an estimate 200,000 people have taken advantage of the program.
The initial rollout of the program in 2009 had many problems that took until fall 2009 for Washington and lenders to tweak into a program that could actually work. When first announced, lenders were overwhelmed with phone calls, yet were unprepared. Many people initially tried using the program, only to give up in frustration as lenders didn't have details, or even the ability to handle the program.
Fast forward to today. The program is working well, but many people have never heard of it, or they tried early on and don't understand they should try again. The funds the Obama Administration has made available for this program come from YOUR tax dollars. Take advantage of this program while it is still available!
Do I qualify for a Making Home Affordable Refinance
Who is eligible? You may be eligible if:
- You own and currently occupy a one- to four-unit home.
- Your mortgage is owned or controlled by Fannie Mae or Freddie Mac.
- You are current on your mortgage payments.
- The amount you owe on your first mortgage is about the same or slightly less than the current value of your house.
- And, you have a stable income sufficient to support the new mortgage payments.
How do I know if my loan is owned or controlled by Fannie Mae or Freddie Mac?
Simply call or E-Mail me. I'll help you determine if your mortgage is backed by Fannie Mae or Freddie Mac, or use the links on this web page.
I owe more than my property is worth. Do I still qualify to refinance under the Making Home Affordable Program?
Eligible loans will include those where the first mortgage will not exceed 125% of the current market value of the property. For example, if your property is worth $200,000 but you owe $225,000 or less, you may qualify. The current value of your property will be determined after you apply to refinance. People with 1st and 2nd mortgages have additional requirements.
Do I qualify for a Making Home Affordable Refinance
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If you have questions about the process for homes in MN or WI ONLY, please call 651-552-3681, or APPLY ONLINE 24-hours a day via our secure application. There are no costs or obligations.
Joe Metzler is a Certified MN Mortgage Specialist (MMS). He and his team at Mortgages Unlimited are proud to provide this homeowner bailout program in Minnesota and Wisconsin. Call him today or click here to learn more about the Making Home Affordable Refinance for homes in MN or WI.
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