The Obama Administration unveiled the final details of its "Making Home Affordable Program" on March 4, 2009. We are summarizing key parts of the plan, and busy reviewing the ongoing details. The plan, affectionately known as "MHA 2009", is designed to help up to 9 million American families refinance or modify their loans to a payment that is affordable now and into the future. Details are still being released in stages, as are roll-out dates for the various refinancing options. As of the update date indicated below, this represents what we know so far, with links to more details for each topic, either refinancing or modification.
Updated March 5, 2009
REFINANCING INITIATIVE
Refinance Opportunities Now Available to Those Who Lack Sufficient Equity. One of the initiatives in this program is aimed at helping responsible homeowners "refinance" their loans to take advantage of historically low interest rates. We have addressed some common Questions and Answers about the Refinancing Initiative in the program here: Who is eligible?
MODIFICATION INITIATIVE
Modification Opportunities are available for Those At Risk of Foreclosure. One of the initiatives in this program is aimed at helping struggling homeowners "modify" their loans to avoid foreclosure. We have addressed some common Questions and Answers about the Modification Initiative in the program here: Who is eligible?
For Key Reference documents on both topics, click here.
As always, if you have any questions or would like to discuss how this may specifically impact you, leave a comment on the Blog, or email me to set up an appointment.
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