The Department of Treasury’s website also mentions that the Home Affordable Refinance program will be available to 4-5 million homeowners who have shown a solid payment history on existing Fannie Mae or Freddie Mac mortgages. The program may make many of them eligible to refinance their loan to take advantage of today’s lower rates for mortgages or to refinance an adjustable-rate mortgage into a more stable 30-year fixed rate mortgage. The plan will also help 3-4 million homeowners who are at risk to avoid foreclosure proceedings and reduce their monthly mortgage payments.
Hardship Assistance

If you are a homeowner who is finding it hard to make your mortgage payments on time, you should check out the program. If you want to know if you qualify to participate in this program, you can check out the Department of Treasury’s website, FinancialStability.gov and find out more information about the program. The website provides a tool for self-assessment of your situation. There are also guidelines and other information to get you started and show you how the program may work for you.
Proceed Cautiously With Other Programs

Be aware that in light of the new plan for homeowners, there are also counterfeit programs that have already been established to scam you out of money. Remember that the Making Home Affordable Program is free and if you encounter a website that is advertising foreclosure relief programs, be cautious. You can easily lose big-time money by dealing with a scam group, which will cause you further financial problems. Do not send money to any person who is charging a fee for housing counseling. In addition to the Home Affordable plan, any counseling performed by HUD-approved counselors is also free. Do not make mortgage payments to anyone other than your direct lender. Never sign over the deed to your home to anyone, regardless of the situation you are in or what promises that person makes to you regarding your home. While it may seem obvious that you don’t involve yourself in such things, there are many people who are in financial dire straits who are willing to do just about anything to save their homes.

Homeowner Affordability and Stability Plan and What It Could Mean for You was created by and is property of American Consumer News.