A few weeks ago, I had posted some information about the new tax credits that were being made available from the Obama Plan to new home buyers, but there was limited information about what the government was doing for existing homeowners that were having problems with their mortgage.
Michelle Singletary of the Washington Post, had a great article yesterday detailing the new government website in conjunction with the Obama financial stability
Genova release plan to help homeowners struggling with their mortgage payments.
The Treasury Department and the Department of Housing and Urban Development have launched a Web site that provides basic information for troubled homeowners about the Obama administration’s “Making Home Affordable” program.
The site, http://www.makinghomeaffordable.gov, usefully arranges in one place information on the two-pronged approach of the new initiative.
There’s the refinancing part, designed to help homeowners who are paying their mortgages on time but are not able to refinance at the current low mortgage rates because of a decrease in the value of their homes.
The second prong is aimed at homeowners who are struggling to make their monthly mortgage payments because their interest rates have increased or their incomes have been reduced.
If you know of anyone struggling with their current mortgage payment, forward the Making Home Affordable website to them to see if they would be eligible for government assistance. Feel free to contact us
as well for further information and guidance.
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March 24th, 2009 at 1:27 pm
Alex, spectacular job getting the word out. I’ve had several clients who want to know if they are amount the helped or helpless and you gave us a way to find out pretty quickly. Just the link to Freddie and Fannie to determine if a mortgage is owned by them or not is huge – Good Job!
And of course, thanks. . .Danno
March 24th, 2009 at 3:36 pm
Hey Dan,
Thanks. The original March 4 deadline given by the government came and went with no news whatsoever. I’m glad that we’re seeing some action now.
Thanks for reading,
Alex