Government Help and Resources for American Homeowners

ProHopeFinancial Wanted to take the Time to list the Mortgage Help and Assistance Programs and Resources available for the American Homeowner

Obama's Plan: Making Home Affordable Loan Modification and Mortgage Refinance Programs

Making Home Affordable Plan debuted mid April or so. The Homeowner help and assistance program is composed of two loss mitigation tools; Loan Modification and Mortgage Refinance.



Make Home Affordable Loan Modification-

• The Obama loan modification plan is designed for those Homeowners who have incurred some sort of financial hardship that has caused their monthly mortgage payment to become to high given their current financial situation.
• This mortgage modification program does have qualifications that the Homeowner must meet in order to utilize or rather obtain a restructured agreement through this program.
• The program is designed for those Homeowners who are already in default or in foreclosure.
• The Make Home Affordable Loan Modification Program has been forecasted to modify 20,000 mortgage loans a week by August.
• Much of the early success is most likely due to the lender incentive that Obama has provided to stimulate use of this loan modification program.
• There is plenty of information around that can help you determine if you meet the basic qualifications for the Obama modification program known as HAMP but the official government sponsored site for the Making Home Affordable Plan is @ http://www.MakingHomeAffordable.Gov
• Homeowners should remember that the Making Home Affordable Plan is a voluntary program and thus ultimately up to the lender to participate.

Making Home Affordable Mortgage Refinance Program:

• The Obama Mortgage Refinance Program allows Homeowners who are current but coming to the end of their rope financially the ability to obtain a mortgage refinance agreement. You must write and submit an effective hardship letter.
• This is only for those Homeowners who have a Freddie or Frannie backed Mortgage. This program has other restrictions and qualifications the Homeowner must also meet in order to participate.
• Obama has recently updated the Making Home Affordable Mortgage Refinance Program. These modifications or changes have expanded the reach to more Homeowners who were previously unable to qualify.
• The program is voluntary just as the loan modification program. You must apply for HARP assistance

We plan on posting information on the Hope For Homeowners Program as well as the FHA Stream Lined Loan Modification Program and helpful information on resources available to Homeowners such as Hope Now and the Hope Now Alliance, and other HUD related organizations that have been created to help the American Homeowner.