After America’s housing market slumped to staggering lows in the fourth quarter of 2008, the Obama Administration made addressing key problems at the core of the country’s financial crisis a top priority. 

Before the first quarter of 2009 was over, the Administration introduced a Financial Stability Plan to sure up our economy. The plan included the critical “Making Home Affordable“ program to stabilize the housing market. The plan targets 7 to 9 million Americans who could benefit from a reduction in their monthly mortgage payments. 

A government consumer website at www.MakingHomeAffordable.gov gives the low-down on this recovery effort. I wanted to make you aware of the highlights. As a professional sales associate, I want to make sure you are up to date and in tune with the government’s efforts to assist many of you who could undoubtedly benefit from this program. If, after reading this, you are unsure of your status please feel free to contact me for a no-obligation consultation about how this program may help you. We will explain how your lender or a qualified program consultant can get you on the right track to reducing your mortgage payments.

 
Millions of home loans are guaranteed by Fannie Mae or Freddie Mac. This program gives 4 to 5 million homeowners with guaranteed loans the chance to refinance in order to bring house payments down to a manageable amount. 

According to the program’s website, “The Home Affordable Modification Program commits $75 billion to keep up to 3 to 4 million Americans in their homes by preventing avoidable foreclosures.” Bottom line, not everyone will qualify and those who wait too late could miss the boat. 

Even if you are not behind on your house payments this program could work for you. People who have not been able to take advantage of lower interest rates by refinancing their homes with mortgages guaranteed by Fannie Mae or Freddie Mac may be able to reduce payments based on a lower interest rate alone.

 
Do You Qualify?

There’s only one way to find out if you qualify and that is to research. Don’t be afraid to ask questions and get all of the details upfront if you’re in need of some assistance. 

At http://www.MakingHomeAffordable.gov, there are handy self-assessment tools and calculators that can help determine whether or not the Obama Administration’s program will help. On this website you can:

• conduct a self-assessment to see if you qualify
• connect with free counseling resources
• locate homeowner events in your community
• find a checklist of documents and materials to have ready when you decide to apply for assistance through the program

A Word of Caution

Please, don’t get caught up on Making Home Affordable scams. The program warns there are people out there waiting to take advantage of struggling homeowners looking for a way out. “There is never a fee to get assistance or information about Making Home Affordable from your lender or a HUD-approved housing counselor,” according tohttp://www.MakingHomeAffordable.com. Never, but never submit mortgage payments to anyone but your mortgage company without approval in writing from your lender. 

If you feel threatened by a pending foreclosure or are struggling to make your house payments, you might be frightened and are surely overwrought with concern. Contact us for help. You don’t have to do this alone. This is just one option for people who are struggling to make house payments. If you don’t qualify, we may be able to assist you with a short sale to help protect you from foreclosure.