04-19-09: Making Home Affordable Program

Millions of Americans may be able to take advantage of the new federal program called Making Home Affordable program for borrowers whose loans are owned or guaranteed by Fannie or Freddie.  It could help those who need their monthly payments lowered to avoid foreclosure.  Some may be able to get quick refinances for up to 105% of a home's value, which will help those who have homes now worth less than what their original mortgage amount is.

It is important to know that this program expires on June 10, 2010.  To find out more about this program, whether you are eligible and how to go about starting this process, the best place to start is at the program's official website:  www.makinghomeaffordable.gov/   Additionally, the Los Angeles Times featured an excellent article on April 5, 2009, which is a thorough overview of the program with more resources:  tinyurl.com/dem9dz

In this time of mortgage scams, it is important to go to the most official sources for any of these federal refinancing programs.