What are the eligibility requirements to refinance under the Making Home Affordable Plan?
You may be able to refinance your mortgage under the Making Home Affordable Plan if:
• You are the owner occupant of a one to four unit home;
•The loan on your property is owned or securitized by Fannie Mae or Freddie Mac;
•At the time you apply, you are 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 or, if you have had the loan for less than 12 months, you have never missed a payment);
•You believe that the amount you owe on your first mortgage is about the same or slightly less than the current value of your house;
•You have income sufficient to support the new mortgage payments; and
•The refinance improves the long term affordability or stability of your loan.
Other Foreclosure Help FAQs
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Q:
What is a 'short sale'?
A: A “short sale” is an option for a homeowner to avoid foreclosure when they can no longer afford the mortgage on the home. In a short sale, a … More -
Q:
How do I know if my loan is owned or has been securitized by Fannie Mae or Freddie Mac?
A: You should call your mortgage lender or servicer (the organization to whom you make your monthly mortgage payments) and ask about the program. Both Fannie Mae and … More -
Q:
Why Would a Lender Agree to a Short Sale?
A: Banks and other lenders generally agree to short sales in order to avoid having to foreclose on a property and take it into their inventory. Most lenders would rather … More -
Q:
Can My Lender Come After Me in Court for the Loan Balance I Owe After a Short Sale?
A: This depends in part on whether the property in the short sale is located in a judicial or a non-judicial foreclosure jurisdiction. In non-judicial foreclosure, also … More -
Q:
What is a Short Sale?
A: A short sale is where a homeowner sells their home for less money than they owe on the property. The owner of the home negotiates a discounted payoff with their … More
