Stop Foreclosure

For The American Homeowner

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.

  1. 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.
  1. Refinance
  • 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.

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June 22, 2010 - Posted by | finance

6 Comments »

  1. ok, so finally something good for homeowners.

    Comment by Don Sabatini | May 1, 2009 | Reply

  2. I read your entire series on this topic. Bravo! This was very informative and includes basically all one needs to know about the Make Home Affordable Program.

    I also checked out the Foreclosure Hope Blog on blogger it looks like they just started on that do you know those folks? I wanted to advertise their and did not know if they had a guy I could talk to. I have found it is a good idea to get in early.

    Comment by Finance Guy | May 14, 2009 | Reply

  3. […] NOW and the Making Home Affordable Programs known as HAMP and HARP are creating some much-needed and sought after foreclosure […]

    Pingback by Foreclosure Hope: Reference of Hope to Struggling Homeowners « Stop Foreclosure | July 14, 2010 | Reply

  4. […] Loss Mitigation –  The process and action of minimizing losses in situations where loss has already incurred or is very likely to occur. Mortgage related loss mitigation often results in mortgage workouts such as loan modification or even a mortgage refinance through the Making Home Affordable Plan. […]

    Pingback by Loss Mitigation: Stop Foreclosure « Stop Foreclosure | July 14, 2010 | Reply

  5. […] The TARP programs should not be confused with HAMP or HARP. Which are mortgage assistance programs created by president Obama through his housing plan known as the Making Home Affordable Plan […]

    Pingback by Foreclosure Sales Drop – 4 Month Trend « Stop Foreclosure | July 14, 2010 | Reply


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