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As part of the Obama Administration's goal of getting the housing market back on solid ground, the federal government has launched a new website, makinghomeaffordable.gov. To help stem the foreclosure tide and keep people in their homes, the new portal gives financially-strapped homeowners the latest information on reducing mortgage payments through refinancing and mortgage modification.
"Through the Making Home Affordable Program, up to 9 million American families may be eligible to refinance or modify their loans to a payment that is affordable now and into the future," according to Making Home Affordable FAQs. The new website offers a self-assessment tool to let homeowners determine their eligibility for Home Affordable Refinancing and Home Affordable Modification, look up their loans with Fannie Mae and Freddie Mac, find a housing counselor who can help decide what mortgage options are best (free of charge), and much more. Check out the new MakingHomeAffordable.gov.
"Putting resources and tools directly in the hands of homeowners will expedite the process of delivering relief to responsible homeowners, and stabilizing the housing market is central to our overall economic recovery," Treasury Secretary Timothy Geithner said in a statement announcing the new website, as reported by Reuters.