DO I QUALIFY FOR THE MAKING YOUR HOME AFFORDABLE REFINANCE?

1. Is your home your primary residence 

2. Are you current in your payment and you have never been more than 30 days late in the last 12 months?     

3. Do you have a Fannie or Freddie Mac loan? if you do not know, contact:  

1-800-FREDDIE OR www.freddiemac.com/avoidforeclosure/  

1-800-FANNIE OR www.fanniemae.com/homeaffordable 

4. Do you believe that the amount you owe on your first mortgage is about the same or less than the current value of your home? Example: current value is $300,000 and you owe less than $300,000 or between 300,000-315,000.

TO QUALIFY FOR A REFINANCE YOU MUST ANSWER YES TO ALL QUESTIONS IF NO ANY, THEN YOUR NEXT OPTION IS TO SEE IF YOU QUALIFY TO MODIFY UNDER THE PLAN.

If YES, the next step it to gather the information you will need to provide to your lender or servicer:

1. Information about your monthly gross income of your household, including recent pay stubs or documentation of income you receive from other sources.

2. Your most recent income tax returns.

3. Information about any second mortgage on your house

4. Account balances and minimum monthly payments due on all credit cards, student loans, and car loans.

5. Call your mortgage servicer or lender and ask about the Home Affordable Refinance application process.

DO I QUALIFY FOR MAKING HOME AFFORDABLE MODIFICATION?

1. Is your home your primary residence?

2. Is the amount you owe on your first mortgage equal to less or less than $729,750?

3. Are you having trouble paying your mortgage? Have you had a significant increase in your mortgage payment? OR reduction in your income? OR suffered hardship that has increased your expenses (like medical bills?

4. Di you get your current mortgage before January 1st., 2009?

5. Are you current? OR have you missed one or more payments?

TO QUALIFY FOR LOAN MODIFICATION YOU MUST ANSWER YES TO ALL THE QUESTIONS ABOVE.

Then your next step is to gather the same information as above for a refinance and to contact your servicer or lender.

IF YOU ANSWER NO, THN YOUR NEXT OPTIONS TO KEEP YOUR HOME MAY INCLUDE:

1. Forberance

2. Repayment plan

Keep in mind that the plan will NOT help everyone. For example, it is not designed to reduce mortgage balances for borrowers who have sufficient income to make their mortgage payments but owe more than their homes are worth.  It also will NOT help investors OR borrowers who have no income and cannot make any mortgage payments.

The making the Home Affordable Refinance and Modification Options are designed specifically to allow existing homeowners to keep their homes my making mortgage payments affordable.