Learn About the Making Home Affordable Refinance and Modification Options

The President's plan was created to help millions of homeowners refinance or modify their mortgages. Learn more about how the plan may be able to hlep you .

Making Home Affordable Refinancing

Many homeowners pay their mortgages on time but are not able to refinance to take advantage of today’s lower mortgage rates perhaps due to a decrease in the value of their home. A Home Affordable Refinance will help borrowers whose loans are held by Fannie Mae or Freddie Mac refinance into a more affordable mortgage.

If you are a homeowner who is current on your mortgage payments but unable to refinance to a lower interest rate because your home value has decreased, you may be able to refinance.

Do I qualify for a Making Home Affordable refinance? Answer these questions:

1. Is your home your primary residence?
2. Do you have a Fannie Mae or Freddie Mac loan? If you don’t know contact:
   • Fannie Mae, 1-800-7FANNIE (8am to 8pm EST) or www.fanniemae.com/homeaffordable
   • Freddie Mac, 1-800-FREDDIE (8am to 8pm EST) or www.freddiemac.com/avoidforeclosure/
3. Are you current on your mortgage payments?
   * “Current” means that you haven’t been more than 30-days late on your mortgage payment in the last 12 months.
4. Do you believe that the amount you owe on your first mortgage is about the same or less than the current value of your house?

To qualify for refinance, you must answer 'Yes' to all four questions. Otherwise, you may be eligible for a loan modification. Need urgent help? Contact the Homeowner’s HOPE™ Hotline: (888) 995-HOPE. To learn more about refinancing under the Making Home Affordable program visit FinancialStability.gov.

Making Home Affordable Modifications

Many homeowners are struggling to make their monthly mortgage payments either because their interest rate has increased or they have less income. A Home Affordable Modification will provide them with mortgage payments they can afford.

If you can no longer afford to make your monthly loan payments, either because your interest rate has increased or you have less income or you are experiencing a hardship that has increased your expenses (like medical bills), you may qualify for a loan modification to make your monthly mortgage payment more affordable. Millions of borrowers who are current, but having difficulty making their payments and borrowers who have already missed one or more payments may be eligible.

Do I qualify for a Home Affordable Modification? Answer these questions:

1. Is your home your primary residence?
2. Is the amount you owe on your first mortgage equal to or less than $729,750?
3. Are you having trouble paying your mortgage? For example, have you had a significant increase in your mortgage payment OR reduction in your income since you got your current loan OR have you suffered a hardship that has increased your expenses (like medical bills)?
4. Did you get your current mortgage before January 1, 2009?

To qualify for loan modification, you must answer 'Yes' to all four questions. Otherwise, you may be eligible for further options. To learn more about loan modification under the Making Home Affordable program visit FinancialStability.gov.

Learn more about the Making Home Affordable program from this Borrower Q&A

Beware of Foreclosure Rescue Scams - Help Is Free!

• There is never a fee to get assistance or information about Making Home Affordable from your lender or a HUD-approved housing counselor.
• Beware of any person or organization that asks you to pay a fee in exchange for housing counseling services or modification of a delinquent loan. Do not pay – walk away!
• Beware of anyone who says they can “save” your home if you sign or transfer over the deed to your house. Do not sign over the deed to your property to any organization or individual unless you are working directly with your mortgage company to forgive your debt.
• Never make your mortgage payments to anyone other than your mortgage company without their approval.

Need urgent help? Contact the Homeowner’s HOPE™ Hotline: (888) 995-HOPE

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