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Loan Mod Info – If you are having trouble making payments – You gotta read this!

March 5, 2009
Real Time Economics : Treasury Loan-Modification Guidelines

Treasury Loan-Modification Guidelines

The following is a summary of the guidelines for modifications of eligible mortgages provided by the Treasury. See full guidelines here.

Fact Sheet

Making Home Affordable will offer assistance to as many as 7 to 9 million homeowners, making their mortgages more affordable and helping to prevent the destructive impact of foreclosures on families, communities and the national economy.

The Home Affordable Refinance program will be available to 4 to 5 million homeowners who have a solid payment history on an existing mortgage owned by Fannie Mae or Freddie Mac. Normally, these borrowers would be unable to refinance because their homes have lost value, pushing their current loan-to-value ratios above 80%. Under the Home Affordable Refinance program, many of them will now be eligible to refinance their loan to take advantage of today’s lower mortgage rates or to refinance an adjustable-rate mortgage into a more stable mortgage, such as a 30-year fixed rate loan.

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