The U.S. Department of the Treasury and the Department of Housing and Urban Development (HUD) recently launched a new website for consumers seeking information about the Obama Administration's Making Home Affordable loan modification and refinancing program. MakingHomeAffordable.gov offers features including interactive self-assessment tools that will empower borrowers to determine if they're eligible to participate and calculate the monthly mortgage payment reductions they could stand to realize under the Making Home Affordable program.
First announced by President Barack Obama in February, Making Home Affordable will offer assistance to as many as 7 to 9 million homeowners making a good-faith effort to make their mortgage payments, while attempting to prevent the destructive impact of the housing crisis on families and communities. MakingHomeAffordable.gov is a joint effort of the Department of the Treasury and HUD.
A wide array of large banks to small lenders have already agreed to participate in Making Home Affordable, and servicers have undertaken steps to proactively engage borrowers and respond to their inquiries related to the new program.
Extensive information about the Administration's Making Home Affordable plan
Self assessment tools to allow borrowers to determine if they are eligible for the program
A calculator feature that allows homeowners to estimate the reduction to their monthly mortgage payment that they might stand to realize under the plan
Resources to find free, HUD-approved counseling services for borrowers who have additional questions
A handy checklist to ensure homeowners collect all the documents they need before calling their servicers
In addition, homeowners can call HUD's Housing Counseling hotline at 800-569-4287 to get the names and contact information of HUD-approved counseling agencies in their area.
