On February 18, 2009 the Obama administration announced The Making Home Affordable Program, which offers two solutions for struggling home owners. HARP, the Home Affordable Refinance Program enables you to refinance your home loan, to lower more affordable rates.

For those who meet the requirements of being in more serious hardship the HAMP program is available, where home owners can completely modify the terms of their primary mortgage, in order to lower payments to an amount within their monthly budget. HAMP is an acronym for Home Affordable Modification Program.

The goal of The Making Home Affordable program is to help up to 9 million home owners keep their homes, where as otherwise they would lose their homes through foreclosure. HARP is intended to help between 4 to 5 million homeowners, specifically who have Fannie Mae or Freddie Mac owned or operated loans. It will allow eligible homeowners to refinance into more affordable monthly payments.

The HAMP program has allocated $75 billion to keep between 3 and 4 million Americans in their homes by preventing foreclosures. Of course you have to be eligible for one of these programs to benefit. Meeting these requirements can be confusing, and difficult to navigate on your own. Fixmybadhomeloan.org is a non-profit company based in Tucson, Arizona, which has successfully helped many troubled homeowners through the loan modification and refinancing process. Some banks, and loan operators are not as friendly to deal with. It may start with harassing phone calls, and end in foreclosure for many people. It is important to know the facts, and have someone on your side who is able to negotiate for you, to ensure the best chance of lowering your payments, and being able to keep your home.

Useful Links

http://www.makinghomeaffordable.gov
http://www.financialstability.gov
http://www.hud.gov/

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1. Do I Qualify For Loan Modification