A new Obama administration program is designed to fix the problem for millions of homeowners. Borrowers whose loans are owned or guaranteed by Fannie Mae or Freddie Mac could be able to get quick refinances for up to 105% of a home's value.
According to an article by the LA TIMES
, here is how the program works: In the past, the federal Fannie Mae and Freddie Mac mortgage programs would only handle loans of up to 80% of your home's value, unless you bought mortgage insurance. With the new Making Home Affordable program, through June 2010, borrowers whose loans are owned or guaranteed by Fannie or Freddie may be able to get quick refinances for up to 105% of a home's value. They must be current on their mortgage payments, but administration officials estimate that as many as 5 million homeowners qualify. And refis are available for borrowers with credit scores as low as 620.
For detailed information about how the Making Home Affordable program works, visit http://makinghomeaffordable.gov
, a federal website that explains the refi program.
For the complete article by the LA Times about the Making Home Affordable program, visit latimes.com
For a free legal consultation regarding loan modification, visit the Law Offices of Artin Yadegarian
Labels: Foreclosure, Loan Modification