Government Refinance Plan Can Help You Stay at Home

 The federal government's "Making Home Affordable" plan is designed to help responsible homeowners continue to afford their home in this difficult housing market through refinancing. It is estimated the plan can help up to 9 million homeowners refinance to get the right mortgage for their situation. The following 3 scenarios qualify homeowners for the plan:

* You owe less on your mortgage than your home is worth.
The message of the plan is clear -- the government wants American homeowners who currently qualify for a refinance to take advantage of historically low mortgage rates. Waiting any longer could cost you money. Work with a mortgage expert to take advantage of low mortgage rates by determining your home value, your home equity and what kind of mortgage loan you need to stay in your house.

* You owe more on your mortgage than your home is worth.
If you owe more on your mortgage than your home is worth and previously couldn't qualify for a refinance, you may qualify for a refinance under the new plan. With a new, streamlined refinance program from Fannie Mae, Quicken Loans is able to refinance your mortgage to a low, fixed mortgage rate. This is fantastic news for nearly 5 million people who couldn't previously refinance under traditional guidelines. If you're on time with your mortgage payments, but couldn't refinance due to lack of equity, the streamlined refinance program is for you.

* You are struggling to make your mortgage payments and face imminent foreclosure on your home.
Under the new plan, the government is working with loan servicers to provide mortgage loan modifications to people who can prove and document financial hardship through job loss, change in income, significant debt or an adjusting mortgage interest rate. This is a last resort option for which only a small percentage of homeowners will qualify. If you believe you qualify for a mortgage loan modification under the government's new plan, you are encouraged to contact your loan servicer as soon as possible. (That's the company you make your mortgage payment to.)


Don't wait. Take advantage of today's low mortgage rates and the Making Home Affordable plan. Copyright ©, ARAnet, Inc.