The new website for the Making Home Affordable Plan has been launched!
Find out if you are eligable by visiting http://www.makinghomeaffordable.gov/.
Do you have questions about the Homeowner Affordability and Stability Plan?
Well they are finally rolling out a new website at http://www.financialstability.gov/ to explain the ins and outs.
You can also receive information by visiting http://www.treas.gov/initiatives/eesa/ on the US Department of Treasury website. Here you will find a Fact Sheet explaining the three scenarios for elgibility to take part in the Homeowner Affordability and Stability Plan.
Homeowner Affordability and Stability Plan
1. Refinancing for Responsible Homeowners Suffering From Falling Home Prices
2. A Comprehensive $75 Billion Homeowner Stability Initiative
A Loan Modification Plan To Reach 3 to 4 Million Homeowners
Shared Effort with Lenders to Reduce Interest Payments
Incentives to Servicers and Borrowers
Clear and Consistent Guidelines for Loan Modifications
Required Participation By Financial Stability Plan Participants
Modifications of Home Mortgages During Bankruptcy
Strengthen Hope for Homeowners and Other FHA Loan Programs
Support Local Communities and Help Displaced Renters
3. Support Low Mortgage Rates by Strengthening Confidence in Fannie Mae and Freddie Mac.
You can also find a consumer Q&A with questions and answers such as the following:
Borrowers Who Are Current on Their Mortgage Are Asking:
1. What help is available for borrowers who stay current on their mortgage payments but have seen their homes decrease in value?
Under the Homeowner Affordability and Stability Plan, eligible borrowers who stay current on their mortgages but have been unable to refinance to lower their interest rates because their homes have decreased in value, may now have the opportunity to refinance into a 30 or 15 year, fixed rate loan. Through the program, Fannie Mae and Freddie Mac will allow the refinancing of mortgage loans that they hold in their portfolios or that they placed in mortgage backed securities.
This is all set to roll out March 4, 2009 so stay tuned!!!