When the White House first introduced the Making Home Affordable program in February, it was positioned as a mortgage program with two goals:
- To help financially-needy homeowners get mortgage relief
- To help homeowners who've lose equity qualify for today's low rates
Wednesday, in a much-anticipated announcement, the U.S. Treasury introduced new details about Making Home Affordable.
It also created an "Am I Eligible For Making Home Affordable" form on its website.
In the press release, the Treasury detailed the President's original blueprint. Namely, it provided explicit loan modification instructions that will assist up to 4 million delinquent homeowners and their respective mortgage servicers.
The modification guidelines are a thorough 17 pages long and leave little question about the loan modification process, and how it must be carried out. You can see this is starting to get complicated, so I can help you find the right mortgage lender in Renton to help you.
But for as much ink committed to helping delinquent homeowners, the Treasury gave surprisingly little guidance to the estimated 5 million homeowners for whom deteriorating home equity has rendered refinancing impossible.
For these Americans, the Treasury instead offers a basic Q&A and directs homeowners to call Fannie Mae and/or Freddie Mac to confirm their eligibility. The "refinance plan", in summary, says that a homeowner who has paid his mortgage as agreed and whose home value is "about the same or less" as the amount owed on his first mortgage may be eligible.
That's about as much as the Treasury could say.
If after browsing the website, you still have questions about the Making Home Affordable program, call me or send an email from my website www.GaryMcNinch.com and we will give you a great reference to Evergreen Home Loans and you can ask a great mortgage lender with specific questions.
I know this often seems confusing and it is changing every day. If you have a distressed property in Renton, are unable to make your mortgage payment, or are close to a foreclosure or preforeclosure, please call us.
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