The Treasury Department has introduced a program called Making Home Affordable, which is intended to stabilize the housing market and help up to 7 to 9 million Americans reduce their monthly mortgage payments to more affordable levels.
There are two parts to the new program, the Home Affordable Refinance Program (HARP) and the Home Affordable Modification Program (HAMP). The Home Affordable Modification Program gives homeowners with loans owned or guaranteed by Fannie Mae or Freddie Mac an opportunity to refinance into more affordable monthly payments. Qualifications for eligibility for HARP, which expires on June 10, 2010, can be found on the program's website. A refinance under HARP must have a mortgage note date on or before that date.
The Home Affordable Modification Program commits $75 billion to preventing avoidable foreclosures. Only loans owned or guaranteed by Fannie Mae or Freddie Mac are eligible. Qualifications for HAMP, which expires on December 31, 2012, can be found on the program's website.
More information is available at the Making Home Affordable website, which provides homeowners with self-assessment tools and calculators to help determine whether they might be eligible for a modification or a refinance under the program.
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