logo
g Text Version
Beauty & Self
Books & Music
Career
Computers
Education
Family
Food & Wine
Health & Fitness
Hobbies & Crafts
Home & Garden
Money
News & Politics
Relationships
Religion & Spirituality
Sports
Travel & Culture
TV & Movies

dailyclick
Bored? Games!
Nutrition
Postcards
Take a Quiz
Rate My Photo

new
European Travel
Action Movies
Bible Basics
Houseplants
Romance Movies
Creativity
Family Travel


dailyclick
All times in EST

Low Carb: 8:00 PM

Full Schedule
g
g Home Ownership Site

BellaOnline's Home Ownership Editor

g

About The Making Home Affordable Program

Guest Author - Rose Mary

Are you struggling to keep up with your mortgage payment or know someone who is? For anyone who is finding it difficult to pay their mortgage, it is imperative that they find out as much as possible about programs that are being introduced to ease the burden. The government has recently added new rules to their mortgage modification plan. These new rules are intended to ease the burden of home equity loans.

During the boom, many people purchased homes with 100% financing. This was made possible with the use of home equity loans. How did it work? The difference between the purchase price and the home value gave the buyer the advantage to use the built in equity of the home for a second loan. The first loan was 80% and the second loan was 20%. No down payment was required and no mortgage insurance was required.

Many of these first and second loans are in jeopardy of foreclosure. The Making Home Affordable Program has been recently updated to include second mortgages since second mortgages can make it difficult or sometimes impossible to refinance a first mortgage. More than 75% of the loans in the country are covered under the new program that addresses both first and second mortgages. This modification to the program can potentially help approximately 9 million homeowners who are at risk of foreclosing. In addition, this program can help those who are current on their mortgage but who owe more than the home's value. They, too, may be able to take advantage of refinancing for lower mortgage rates through the program.

As with any program, there are lots of rules and regulations and the whole procedure can become quite confusing. About a dozen servicers have been contracted to take on the implementation of this program.

What should you do next? First, visit the Making Home Affordable website and learn as much as you can about the program. The link is at the bottom of the page. The site offers an eligibility page, a hotline to call and a lot of material to read regarding the program. Don't let the material overwhelm you, just give them a call if you are in need of this program. They are trained and knowledgeable about the details and should be able to assist you.
This site needs an editor - click to learn more!

Add About+The+Making+Home+Affordable+Program to Twitter Add About+The+Making+Home+Affordable+Program to Facebook Add About+The+Making+Home+Affordable+Program to MySpace Add About+The+Making+Home+Affordable+Program to Del.icio.us Digg About+The+Making+Home+Affordable+Program Add About+The+Making+Home+Affordable+Program to Yahoo My Web Add About+The+Making+Home+Affordable+Program to Google Bookmarks Add About+The+Making+Home+Affordable+Program to Stumbleupon Add About+The+Making+Home+Affordable+Program to Reddit




RSS | Related Articles | Editor's Picks Articles | Top Ten Articles | Previous Features | Site Map


For FREE email updates, subscribe to the Home Ownership Newsletter


Past Issues


print
Printer Friendly
bookmark
Bookmark
tell friend
Tell a Friend
forum
Forum
email
Email Editor


Content copyright © 2014 by Rose Mary. All rights reserved.
This content was written by Rose Mary. If you wish to use this content in any manner, you need written permission. Contact BellaOnline Administration for details.

g


g features
Homeownership is a Responsibility

Is a Refinance Right For You?

Should You Own a Home

Archives | Site Map

forum
Forum
email
Contact

Past Issues
memberscenter


vote
Poetry
Daily
Weekly
Monthly
Less than Monthly



BellaOnline on Facebook
g


| About BellaOnline | Privacy Policy | Advertising | Become an Editor |
Website copyright © 2014 Minerva WebWorks LLC. All rights reserved.


BellaOnline Editor