The President’s plan was created to help millions of homeowners

 refinance or modify their mortgages.

Refinancing: Many homeowners pay their mortgages on time but are not able to

refinance to take advantage of today’s lower mortgage rates perhaps due to a decrease

 in the value of their home. A Home Affordable Refinance will help borrowers whose loans

are held by Fannie Mae or Freddie Mac refinance into a more affordable mortgage.

Modification: Many homeowners are struggling to make their monthly mortgage payments

either because their interest rate has increased or they have less income. A Home Affordable

Modification will provide them with mortgage payments they can afford.

Who is Eligible?

Please use the self-assessment tools provided on this website to see if you are among the 7

to 9 million homeowners who can benefit from Making Home Affordable. Based on your

 results, we will provide suggestions about what you can do next.

FIND OUT IF YOU ARE ELIGIBLE.

Borrower Q&A

Beware of Foreclosure Rescue Scams - Help Is Free!

• There is never a fee to get assistance or information about Making Home Affordable
• from your lender or a HUD-approved housing counselor.
• Beware of any person or organization that asks you to pay a fee in exchange for housing
• counseling services or modification of a delinquent loan. Do not pay – walk away!
• Beware of anyone who says they can “save” your home if you sign or transfer over the deed t
• o your house. Do not sign over the deed to your property to any organization or individual
• unless you are working directly with your mortgage company to forgive your debt.
• Never make your mortgage payments to anyone other than your mortgage company without
• their approval.

   IN THE MEANTIME, MANY LENDERS HAVE MADE A COMMITTMENT TO DELAY FORECLOSURE ON

ALL LOANS THAT MEET THE MINIMUM ELIGIBILITY CRITERIA FOR A HOME AFFORDABLE MODIFICATION.

What do I do next?

If you answered yes to all of these questions, you may qualify for a Home Affordable Refinance.

The next step is to gather the information you will need to provide to your lender. This includes:

• Information about the monthly gross (before tax) income of your household, including recent
•  pay stubs if you receive them or documentation of income you receive from other sources.
• Your most recent income tax return.
• Information about any second mortgage on the house.
• Account balances and minimum monthly payments due on all of your credit cards.
• Account balances and monthly payments on all your other debts such as student loans and
• car loans.

After you have this information, you should call your mortgage servicer or lender

(the organization to whom you make your monthly mortgage payments) and ask about the

Home Affordable Refinance application process. The number is on your monthly mortgage bill

or coupon book.

Please be patient

Lenders and servicers are just getting the detailed program requirements and it may take

time before they are ready to accept applications.

What if I am not eligible for a Home Affordable Refinance?

If you did not answer yes to all of the questions above, you may be eligible for a Home

Affordable Modification. Go to the modification self-assessment tool now.

 If you have already missed one or more mortgage payments - contact your

mortgage lender immediately or call 1-888-995-HOPE (4673) to reach

a HUD-approved housing counselor.

 HUD-approved housing counselors can help you evaluate your income and expenses

and understand your options - and - this counseling is FREE.

If you are a homeowner who is current on your mortgage payments but unable to refinance

to a lower interest rate because your home value has decreased, you may be able to refinance.

Do I qualify for a Making Home Affordable refinance? Answer these questions:

1.      Is your home your primary residence?

2.      Do you have a Fannie Mae or Freddie Mac loan? If you don’t know contact:

o        Fannie Mae,

§         1-800-7FANNIE (8am to 8pm EST).

§         www.fanniemae.com/homeaffordable

o        Freddie Mac 

§         1-800-FREDDIE (8am to 8pm EST)

§         www.freddiemac.com/avoidforeclosure/

3.      Are you current on your mortgage payments?

o        “Current” means that you haven’t been more than 30-days late on your

mortgage payment in the last 12 months.

4.      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?

IF NO

If you can no longer afford to make your monthly loan payments, either because your

interest rate has increased or you have less income or you are experiencing a hardship

that has increased your expenses (like medical bills), you may qualify for a loan modification

to make your monthly mortgage payment more affordable. Millions of borrowers who are

current, but having difficulty making their payments and borrowers who have already missed

one or more payments may be eligible.

Do I qualify for a Home Affordable Modification? Answer these questions:

1.      Is your home your primary residence?

2.      Is the amount you owe on your first mortgage equal to or less than $729,750?

3.      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)?

4.      Did you get your current mortgage before January 1, 2009?

What do I do next?

If you answered yes to all of these questions, you may qualify for a Home Affordable

Modification. The next step is to gather the information you will need to provide to your lender.

This includes:

• Information about the monthly gross (before tax) income of your household, including

          recent pay stubs if you receive them or documentation of income you receive from

          other sources.

• Your most recent income tax return.
• Information about your assets
• Information about any second mortgage on the house.
• Account balances and minimum monthly payments due on all of your credit cards.
• Account balances and monthly payments on all your other debts such as student

          loans and car loans.

• A letter describing the circumstances that caused your income to be reduced or

          expenses to be increased (job loss, divorce, illness, etc.).

After you have this information, you should call your mortgage servicer and ask to be considered

for a Home Affordable Modification. The number is on your monthly mortgage bill or coupon book.

Please be patient
Servicers received the detailed program requirements on March 4, 2009 and it may take

 some time before they are fully operational. However, Treasury has encouraged servicers

to immediately assist delinquent borrowers at the greatest risk of foreclosure.

Making Home Affordable Modifications

If you can no longer afford to make your monthly loan payments, either because your

interest rate has increased or you have less income or you are experiencing a hardship

that has increased your expenses (like medical bills), you may qualify for a loan modification

to make your monthly mortgage payment more affordable. Millions of borrowers who

are current, but having difficulty making their payments and borrowers who have

already missed one or more payments may be eligible.

Do I qualify for a Home Affordable Modification? Answer these questions:

1.      Is your home your primary residence?

2.      Is the amount you owe on your first mortgage equal to or less than $729,750?

3.      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)?

4.      Did you get your current mortgage before January 1, 2009?