I got a call from local homeowner this week who read my column in the Economic Development Journal of Mohave County. He is behind on payments and in a negative equity position – he is “upside down.” He is not alone.
The Treasury Department recently released details of President Obama’s Making Home Affordable program, aimed at helping struggling homeowners who are making a “good faith effort” to make their mortgage payments:
Making Home Affordable is part of President Obama’s comprehensive strategy to get the housing market back on track. Through the Making Home Affordable Program, up to 9 million American families may be eligible to refinance or modify their loans to a payment that is affordable now and into the future.
In addition to refinancing and loan modifcation assitance, the plan also seeks to boost the housing market by injecting a few billion dollars into Fannie Mae and Freddie Mac in support of low interest rates.
Homeowners who are current on their payments but unable to refinance to a lower rate because the value of their home has decreased may be eligible for Home Affordable Refinance. Follow the link to find out if you may be eligible. Your current loan must be owned or guaranteed by Fannie Mae or Freddie Mac to qualify. Of course, most of us have no idea if we have such a loan. Here’s how to find out:
Does Fannie Mae own my loan?
Use the Fannie Mae Loan Look Up tool or call 800-7FANNIE between 8am and 8pm EST.
Does Freddie Mac own my loan?
Use the Freddie Mac Loan Look Up or call 800-FREDDIE bewtween 8am to 8pm EST.
Remember, this option is for homewoners that are current on the payments.
Borrowers that are behind on payments may be eligible for Home Affordable Modifications. Homeowners who are current may also be eligible.
If you fall into any of the scenarios above, I hope you’ll check into these user-friendly resources. You’ll be asked a series of preliminary questions to determine eligibility, and then you’ll be presented with a checklist and additional information on how to proceed.
I tested the Fannie Mae tool and was presented with the following:
Match Found.
Based on the property information entered, it appears Fannie Mae owns a loan at this address. A “Match Found” status does not guarantee or imply that you will qualify for a Making Home Affordable refinance or modification.
If you’re interested in a refinance, please contact your mortgage lender or servicer (the organization to whom you make your monthly mortgage payments) to confirm these results and ask about the Home Affordable Refinance Plus program.
You can find more information at MakingHomeAffordable.gov
View Frequently Asked Questions for this Loan Lookup tool.
Thank you for contacting Fannie Mae
It took all of about 30 seconds.
The Freddie Mac look up tool wanted my social security number and I didn’t feel compelled to share since I was only taking a test drive.
I hope this information will its way to people in need of help. Pass it on.
Related posts:
{ 1 trackback }