The Making Home Affordable has two key components, lowering interest rates on an existing mortgage and refinancing with a new mortgage. A key point is that the program does not lower the principal, only the interest rates. This article from RisMedia outlines some Guidelines on who may be eligible. Click Here here for more information about the Making Home Affordable program. Those who are truly desperate, such as those who are laid off and have no savings, do not qualify.
If you or someone you know is facing financial difficulties and possible foreclosure, please call us at 305-408-9200 for a free, no obligation consultation. You don’t have to face your hardship alone!
Mortgage modifications can really help a lot of homeowners, it’s hard to stress that enough.