Government release new website Making Home Affordable

If you are looking to modify your loan or refinance your mortgage, the government created a new tool to help you.  The problem with some home owners is that they make the payments months in and month out, but it keeps getting harder as the economy continues to strain every dollar they have.  The Making Home Affordable Program is suppose to make that easier.  Since today is the first day, we will have to wait to see how successful it really is.  Some programs that have been created are only “feel good” programs to make the public think that home owners are being saved.  Most programs only affect a very small portion of the the troubled home owners.

The other home owner this is trying to help is the ones that cannot make the payments on a consistent basis.  The idea is to help you to re-modify the loan and lower your payments.

Everyone wants to make their home affordable today.  We really need to stop the bleeding first.  I just hope this really helps owners stay in their home and not go to foreclosure.   Click the website and see if you qualify. Let me know how it works out for you.

On Edit:

I went through the website for the loan modification section and it qualifies you based on a few questions.  Then it tells you to make sure you have the following documents and information available;

CHECKLIST

• Information about the monthly gross (before tax) income of your household, including recent pay stubs if you receive them or documentation of income you receive from other sources.
• Your most recent income tax return.
• Information about your savings and other assets
• Information about your first mortgage, such as your monthly mortgage statement.
• Information about any second mortgage or home equity line of credit on the house.
• Account balances and minimum monthly payments due on all of your credit cards.
• Account balances and monthly payments on all your other debts such as student loans and car loans.
• A letter describing any circumstances that caused your income to be reduced or expenses to be increased (job loss, divorce, illness, etc.) if applicable.

It then tells you to contact your mortgage servicer.  It also directs you to the original preforeclosure help website call “Hope Now“  Obvisouly with the bail out of the lenders by taking over 750 billion dollars of bad loans by the government, they are allowing the banks to work a little stress free on their notes that they service.

Bob is a licensed Real Estate agent in Maryland and Pennsylvania. You can contact him via email at bob@gotbob4homes.com or call him on his cell phone at 240-285-4918.  Bob left the Frederick area to manage a resort office near Deep Creek Lake in Western Maryland. He still stays in touch with the area that he has grown to love.