Making Home Affordable
Updated July 1, 2009
The Making Home Affordable program was created by US President Obama to reduce the amount homeowners owe per month to sustainable levels. The Plan includes low-cost refinancing opportunities and guidelines for loan modifications, aimed at reducing foreclosures.
Refinancing
Refinancing is available for homeowners who are current on their loans but have been unable to refinance due to declining home values. To determine if you may be eligible for refinancing through RCU under the Making Home Affordable program, please answer the following questions:
- Are you the owner of a one- to four-unit home?
- Do you have a loan owned or guaranteed by Fannie Mae?
(If you are not sure, call 1-800-7-FANNIE or visit Fannie Mae’s online lookup site.) - Are you current on your mortgage payments?
(Current means that you haven’t been more than 30 days late on your mortgage payment in the past 12 months.) - Do you believe that the amount you owe on your first mortgage is no more than 125% of the current value of your house?
If you answered “yes” to all of the above questions, please visit our online application center. If you answered, “no” to any of the above questions, you may still qualify for a modification through the Making Home Affordable program, as outlined below.
Modification
Modifications are for homeowners who are struggling to make their mortgage payments and may have already fallen behind. To learn more, please visit the official Making Home Affordable site for information on qualifying for loan modification options.
New information about Making Home Affordable and other government economic programs is continually being developed on the official US government site, so we recommend you bookmark the following links and check back periodically for the most current updates:
Making Home Affordable
FinancialStability.gov
Avoid Mortgage Modification/Rescue Scams
We are committed to protecting our valued Members from fraud and scams. Always work with companies you trust, and remember:
- There is never a fee to get assistance or information about Making Home Affordable from your lender or a HUD-approved housing counselor. Help is free!
- Beware of persons or organizations requiring fees 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 to 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 submit your mortgage payments to anyone other than your mortgage company without their approval.
Your Credit Union has been working diligently with Members as economic conditions have worsened to assist with their individual financial situations, including mortgage issues. We have helped thousands of Members to find real options and solutions for their unique situations. If you are experiencing financial struggles, we offer many resources for Members in the form of education, financial assistance, and free credit counseling services through our partners at BALANCE Financial Fitness. Please visit the links below to learn more or to contact us to discuss your individual situation.
Financial AssistanceCoping with Financial Challenges
BALANCE Financial Fitness
