Making Home Affordable Refinance and Modification Options

The President's plan was created to help millions of homeowners refinance or modify their mortgages.

Fact Sheet

Summary of Guidelines

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 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 make your mortgage payments to anyone other than your mortgage company without their approval.

For more information, go to MakingHomeAffordable.gov.

Useful Links

Subcommittee on Housing and Community Opportunity, House Committee on Financial Services Hearing:

"Examining the Making Home Affordable Program"

News Stories

Ex-Countrywide Execs’ Firm Modifies Bad Loans for Taxpayer Cash

Subprime Players Get Tax Money To Fix Subprime Mess

Obama launches mortgage rescue plan