Mortgage Payments: Difficulty Paying

Under the Making Home Affordable Program, the federal goverment has set upa  program to refinance or modify mortgage loans to reduce payments for struggling home owners.

The program is for eligible borrows who are current on their mortgages but have been unable to take advantage of lower interest rates because their homes have decreased in value.

You may be eligible for this program if each of the following apply to you:

1. You are the owner occupant of a one to four unit home,
2. The loan on your property is owned or securitized by Fannie Mae or Freddie Mac.
3. At the time you apply, you are current on your mortgage payments. Current means that you haven't been more than 30-days late on your mortgage payment in the last 12 months. If you have had the loan for less than 12 months, current means that you have never missed a payment.
4. You believe that the amount you owe on your first mortgage is about the same or slightly less than the current value of your house,
5. You have income sufficient to support the new mortgage payments.
6. The refinance improves the long term affordability or stability of your loan.

If you don't know if your loan is owned or secured by Freddie Mac or Fannie Mae, you can either ask your lender or call:

Fannie Mae: 800.7FANNIE (8:00AM to 8:00PM ET) or go to www.fanniemae.com/loanlookup  

Freddie Mac: 800.FREDDIE ( 8:00AM to 8:00PM ET) or go to http://www.freddiemac.com/mymortgage

To learn more, see www.makinghomeaffordable.gov or call 888.995.4673.  Have information about your mortgage available, including name of lender and mortgage number. You can also contact your mortgage service company or lender. If you have a loan that involves Fannie Mae, you may also contact any Fannie Mae approved lender.

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