Making Home Affordable Plan
President Obama and his administration have recently come out in a proactive manner. Obama has put into place a mortgage help plan that is known as the Make Home Affordable Plan.
This article as well as the next two will make the components of a three part series explaining the ins and outs of the Make Home Affordable Plan. The Obama plan that has been put in place to help homeowners retain home ownership as well as foreclosure help support and stabilize the troubled Housing market. This plan comes in two parts.
- Loan Modification
- The loan modification plan is targeted at those Homeowners who simply can not afford their current mortgage and to those Homeowners who have fallen victim to a severe drop in home value and thus have lost out on once sure options and sources of cash from their once held home equity.
- The Mortgage Refinance plan is targeted at those Homeowners who have a government backed mortgage only. That means that either Freddie or Fannie must own the mortgage in order for you to obtain a mortgage refinance through this program.
The details of these two plans will be explained in depth between the next two articles in this series.