Making Home Affordable is a program the government has introduced to help stabilize the housing market and help Americans reduce their monthly mortgage payments to more affordable levels.
Eligible participants may have the opportunity to either refinance or modify their residential mortgage loans. The Home Affordable Refinance Program gives up to 4 to 5 million homeowners with loans owned or guaranteed by Fannie Mae or Freddie Mac an opportunity to refinance into more affordable monthly payments.
The Home Affordable Modification Program commits $75 billion to keep up to 3 to 4 million Americans in their homes by preventing avoidable foreclosures. The website I mentioned above provides homeowners with detailed information about these programs along with self-assessment tools and calculators to empower borrowers with the resources they need to determine whether they might be eligible for a modification or a refinance under the Administration’s program.
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