Ready Set GO! Making Home Affordable Programs Readying for April 4th Release

By
Mortgage and Lending with Karen Pierce | Housing Counselor |Oregon NMLS 223305

We've been hearing a lot about the Making Home Affordable initiatives, and have been anticipating the release of all the details for the Refinance and Modification programs. The website is up and running today, so many of our answers should be provided. If you are struggling on making your payments, whether you've fallen behind on your mortgage or not, go to www.makinghomeaffordable.gov and see if these programs might be the options you need.

If you already applied for a refinance or modification and were turned down by your lender, TRY AGAIN! I have a list of clients who have contacted me and are poised and ready to apply on April 4th, and they all HAD THEIR LOAN REQUESTS TO REFINANCE DECLINED LAST YEAR DUE TO MARKET VALUES!!!! You do not have to go to your existing lender to refinance, only if you have fallen behind on your payments, so CALL YOUR MORTGAGE BROKER TODAY! We know which lenders are backlogged and slow, and who might be able to get your loan done quickly and at a great interest rate.

Here is part of the latest statement released by the agency monitoring this program:

Next Steps for Homeowners

I've described the challenges we face in foreclosure prevention and the solutions we are implementing through the Making Home Affordable plan. Let me provide you with some next steps for American homeowners to take advantage of the plan.

I would encourage everyone to visit the website financialstability.gov or makinghomeaffordable.gov. At these websites, homeowners can learn more details about the plan and the options we have discussed. If they are current on their mortgage payments, they can learn if Fannie Mae or Freddie Mac owns their loan and the steps to

apply for the refinance program. If they are behind on their mortgage, they can identify who to contact and what information they need to apply for the modification program. There is also a self-assessment tool for homeowners to determine if they are eligible. For those homeowners with questions or unsure of their situation, I would urge them to call 1-888-995-HOPE, the HOPE Now hotline to reach a free HUD-approved housing counselor to help them with the new program. Everybody who is struggling with their mortgage payment should look into how the Making Home Affordable plan can help them.

See you at the closing table!

Karen Cooper - OR/CA Mortgage Consultant - www.Quality4Loans.com

Posted by

Karen Cooper Southern Oregon|California Mortgage ConsultantKaren Pierce - Housing Counselor/Certified Foreclosure Intervention & Default Counselor

               NMLS #223305

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Rainer
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Jay Williams
Greenville, NC - Greenville, NC
Mortgage Loan Officer - Getting You The Right Loan

Karen, try again indeed. Have you seen any indications on the pricing model under this program?

Jay

Mar 28, 2009 03:54 PM #1
Rainmaker
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Karen Pierce
Karen Pierce | Housing Counselor |Oregon - Medford, OR

Hi Jay - I have high hopes for some people who have called me who were not candidates for refinancing due to their homes' current market value, but with the 80-105% rule, may now be eligible. I've been calling my participating lenders about the pricing on the Home Affordable refinance, but not a peep out of them yet on what the pricing is. Hoping we'll hear something tomorrow, but it may go to Friday or Monday.

Mar 30, 2009 10:17 PM #2
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Rainmaker
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Karen Pierce

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