There is a new tool that will allow homeowners to find out whether or not they are eligible to participate in the "Making Home Affordable" programs for loan modification and refinancing.
This program is part of the $75 Billion "lifeline" that President Obama has pledged to struggling homewoners.
Homeowners can either qualify for refinancing or loan modification.
Refinancing is for those who are current on their mortgages, but who are struggling to make their monthly payments.
Loan modification is for those who are falling behind on their payments either because of loss of income or a higher interest rate.
www.MakingHomeAffordable.gov will provide the necessary information to determine whether you qualify.
These programs are only available to those loans that are owned by Fannie Mae and Freddie Mac.
Natrually, the question becomes- how do you know who owns your loan?
Well, you could call your servicer and they will tell you, or to find out if Fannie Mae owns your loan, you can go to http://loanlookup.fanniemae.com/loanlookup/, and enter your address. You must confirm you are the owner of the property or have their consent.
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