Making Home Affordable Program
The Making Home Affordable Program – an initiative taken by the Obama administration provides opportunities for homeowners facing foreclosures to modify or refinance their existing mortgages and make their monthly payments more affordable. It also provides facilities to carry out a short sale on their mortgages, or avail a deed-in-lieu of foreclosure through the Home Affordable Foreclosure Alternatives Program. The benefits of Obama’s home affordable refinance plan can be availed through the Home Affordable Refinance Program HARP, and the eligibility criteria are as per “Making Home Affordable Program guidelines”.
The Obama government launched a massive plan in February 2009 – the Financial Stability Plan - to deal with the sinking economy and bad housing market conditions. The Making Home Affordable Program, which is a part of the Financial Stability Plan, makes it possible for struggling home owners facing extreme debt conditions to avoid foreclosures and get their normal life back.
The Making Home Affordable Program
Obama’s initiative to help troubled homeowners keep their homes comes in two parts – the home affordable refinance program and the home modification program – both the programs aim to help 3 to 4 million American homeowners avoid foreclosures, and prevent bankruptcies from taking place by making the monthly payments more affordable.
If you have taken a mortgage from Fannie Mae or Freddie Mac, are not delinquent on your monthly payments, and you’re paying high interest rates on your existing mortgage, it’s possible to avail reduced and affordable interest rates and save some money by refinancing through the Home Affordable Refinance program.
Apply for Affordable Refinance Program
Home owners who’re finding it difficult to make their monthly payments, or are delinquent due to increased interest rates or a reduction in their monthly pay, can redesign or modify their existing mortgage loans and redeem their mortgage by making their monthly payments more affordable through the Home Affordable Modification plan which is included within Obama’s making home affordable plan.
Apply for Affordable Modification Program
Struggling homeowners having a second lien on their existing mortgages can avail reduced monthly payments for their second mortgage loan, provided they get their first or primary mortgage modified through the making home affordable second lien program or the Second Lien Modification Program.
Homeowners facing foreclosures can prevent their credit ratings from getting worse, avoid the negative effects of the foreclosure, and get a more affordable house through the Home Affordable Foreclosure Alternatives program, which is a part of federal making home affordable program, after they go in for a short sale or avail the deed-in-lieu of foreclosure option.
Avoid bankruptcy and stop foreclosure through Obama’s Home Affordable Refinance Application process
Avoiding bankruptcies and stopping foreclosures can be very complicated for the average person, so it’s recommended you provide us your contact details and get your personal free and non binding consultation from Obama-LoanModifications. Our loan refinancing and modification experts can call you at your convenience and time, and work out which home affordable refinance plan is advisable for you in your particular case, after studying your specific debt conditions and financial obligations. It’s difficult to qualify for home affordable refinance option.
Loan experts from Obama-LoanModifications will also guide you regarding which documents you’ll need while filing for the home affordable refinance and modification process, try to negotiate with your mortgage company or creditor on your behalf, and put in efforts to prevent the bankruptcy or foreclosure from taking place. The services are free and non binding, so if you’re facing any serious financial hardships, or you’re afraid of losing your home, call us now!
