Help

Help for Homeowners

• I am up-to-date on my mortgage payments. Can the Making Home Affordable programs help me?

  Yes. If you are current on your mortgage payments, the Home Affordable Refinance Program can still help you if your home has lost value. Learn more about eligibility and how it works.

• I owe more than my property is worth. Do I still qualify to refinance with one of the government programs?

  Maybe. If your first mortgage is not more than 125% of your home’s current market value, you may qualify to refinance through the Home Affordable Refinance Program.

  For example: If your home is worth $100,000 but you owe $125,000 or less on your first mortgage, you may qualify.

• Will I need mortgage insurance to be eligible for the Making Home Affordable programs?

  If you currently pay private mortgage insurance (PMI), you will be required to pay the same amount when you refinance through the Home Affordable Refinance Program. If you don’t currently have PMI, it won’t be required.

• How long will the Making Home Affordable programs be available?

  The Making Home Affordable programs will expire on June 30, 2012. You will need to refinance through the Home Affordable Refinance program on or before that date.

• Can I get help modifying my current mortgage with a Making Home Affordable program?

  You may be eligible to modify your mortgage through the Home Affordable Modification Program if you meet all of the following:

  • The unpaid principal balance of the first mortgage on your primary residence is $729,750 or less
  • You have verifiable source(s) of income to put towards a mortgage payment each month
  • You have not previously modified your mortgage under the Making Home Affordable program. See the complete list of qualifications for a Making Home Affordable Loan Modification Program.
• Can I get cash out to pay other debts with the Home Affordable Refinance program?

  No. Cash out to pay other debts is not available through the Home Affordable Refinance Program or any of the Making Home Affordable assistance programs.

• If I’m unemployed, will I be eligible for mortgage assistance from the government?

  If you are unemployed, you may be eligible to refinance through the
  Home Affordable Unemployment Program (UP).