Home Affordable Refinance & Modification
The Homeowner Affordability and Stability Plan of February 2009 states, "the deep contraction in the economy and in the housing market has created devastating consequences for homeowners and communities throughout the country. 1) Millions of responsible families who make their monthly payments and fulfill their obligations have seen their property values fall, and are now unable to refinance at lower mortgage rates. 2) Millions of workers have lost their jobs or had their hours cut back, are now struggling to stay current on their mortgage payments - with nearly 6 million households facing possible foreclosure. 3) Neighborhoods are struggling, as each foreclosed home reduces nearby property values by as much as 9 percent."
The Home Affordable Refinance Program has been made available to homeowners who normally would be unable to refinance because their homes have lost value, pushing their current loan-to-value ratios above 80%.
Under the Home Affordable Refinance program, homeowners will be eligible to refinance their loan to take advantage of today's lower mortgage rates or to refinance an adjustable-rate mortgage into a more stable mortgage, such as a 30-year fixed rate loan.
The Home Affordable Modification Program has been made available to homeowners who are struggling to make their mortgage payments because their interest rate has increased or they have less income.
Under the Home Affordable Modification program, some homeowners will be eligible to modify the terms of their existing mortgage to provide them with mortgage payments they can afford and may even be able to restructure a mortgage that has gone into the foreclosure process.
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For a brief explanation of the facts about Home Affordable Refinance & Modification click here. |
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