[Nick Deonas]

The current Real Estate market and state of the economy has placed many homeowners in a position to look into refinancing their homes. Many homeowners are "under water" in their mortgages, meaning they owe more now then the home is valued at. There are many who have seen their monthly income stream either eliminated or diminished substantially, forcing them into decisions of foreclosure or refinancing. We keep hearing on the news daily, about the different programs the government is offering to those needing assistance, I thought this would be a great opportunity to help you understand what the government is doing. First I want to you to understand that there is never a fee for assistance or information for "Making Home Affordable" program or to speak to a HUD approved housing counselor. If you are ever approached by someone wanting to help you with your mortgage through your current lender or through the government program and they ask you for a fee, walk away. Do Not Pay anyone for this type of assistance. There are many scams going around today that are looking for one thing, your dollar. Another word of caution is never sign your deed over to anyone who claims they can help you save your home and this is just a necessary step of the process. My advice is to not walk away, run as fast as you can. One of the most important sites for you to visit is Financial Stability set up by the government to answer all your questions concerning who is eligible for the Making Home Affordable program. A loan modification will help those who are struggling to make their payments either because their interest rates have increased, or their income has decreased. I have visited this site many times in the past week or so and I found it to be very helpful. You will actually have a little test to take that will let you know if you are eligible for a refinance or a modification. You will be given about four questions that are very basic and simple, but could save you many thousands in the future. An exercise well worth the time. Exactly what is the Making Home Affordable program all about? It is part of President Obama's comprehensive strategy to get the housing market back on track. As you know one of the major reasons we are in the current recession is based largely on the housing market. This program may help up to nine million American families either refinance or modify their current loans to a payment that is affordable now and into the future. As I read the plan, to take advantage of the refinance portion your current mortgage must be owned by either Fannie Mae or Freddie Mac, or controlled by either branch. A lot of people are wondering just how they can find out if their mortgage is owner or controlled by either of these organizations. There is a great question and answer portion on the site that will give you all the information you need and toll free numbers to call to find out. The four basic questions to find out if you qualify for a loan modifications are: Is your home your primary residence?
Is the amount you owe on your first mortgage equal to or less than $729,750?
Are you having trouble paying your mortgage? For example, have you had a significant increase in your mortgage payment OR reduction in your income since you got your current loan OR have you suffered a hardship that has increased your expenses (like medical bills)?
Did you get your current mortgage before January 1, 2009?
The basic questions to determine if you are eligible for a refinance are:
Are you current on your mortgage payments?

“Current” means that you haven’t been more than 30-days late on your mortgage payment in the last 12 months.
Do you believe that the amount you owe on your first mortgage is about the same or less than the current value of your house?
Is your home your primary residence?
Do you have a Fannie Mae or Freddie Mac loan? If you don’t know contact:
Fannie Mae,
1-800-7FANNIE (8am to 8pm EST).
www.fanniemae.com/homeaffordable
Freddie Mac
1-800-FREDDIE (8am to 8pm EST)
www.freddiemac.com/avoidforeclosure/
Now I have never been one to sit on the sidelines looking for handouts. I do however believe that in difficult times we all need to pull together and if that means taking advantage of government programs available I feel we should. Remember it is your money that is the foundation of these programs, don't be shy or ashamed to investigate them and participate. This recession will no doubt be the basis for many different government interventions especially in the housing market. Let's not forget it was the decline in the housing market that started this landslide we are in today. To fix the housing market is to begin fixing the overall economy, a monumental task considering it is a global problem. This is going to be painful and will require some time. Before you let your home fall into foreclosure be sure to investigate all of your options, there may be a program out there that is tailored made for you. The Federal Housing Administration offer programs, it never hurts to take a free look. The new administration is working to put new programs in place that will help homeowners avoid foreclosure. The White House has a site that is informative and may be helpful. Owning your own home, in my opinion is still better then renting, providing you are not underwater and can afford the payments. If you are not able to afford the payments then you may have difficulty with rent also. I still believe in the old basic idea of building a little wealth in equity by owning a home. Avoid foreclosure at all cost and investigate the programs available to you. More Real Estate info at www.fortunebound.com

[GregPDX]

so, what are you trying to say?

[tom2nd]

Our company can assist any of your clients with Loan Modification to avoid foreclosure: http://www.vitaledgefinancial.com/affordable/TP1022

[NY RE Broker]

I think Nick thought this IS a Blog instead of a place to post blog Q&A

[Cleo]

Originally Posted by NY RE Broker

I think Nick though this IS a Blog instead of a place to post blog Q&A

For sure.
Good post Nick. I also like some of the articles on your site.