As you start to hear more news about President Obama's Making Home Affordable Plan, you'll be wondering whether you qualify as a homeowner. Below is some of the key information to consider.
1. Who is the Making Home Affordable plan designed to help?
The Plan is designed to help families who've been affected by the sudden drop in housing prices. The Plan will give families access to low-cost refinancing or loan modification for lower monthly mortgages to slow the wave of foreclosures.
The Plan is restricted to owners of primary residences who are looking in good faith to restructure their mortgage payments. The Plan does not bail out speculators or house flippers.
2. Do I qualify?
Due to the Plan's complexity, the US Department of Treasury and Department of Housing and Urban Development launched the following website, which includes interactive self-assessment tools to determine if you qualify: www.MakingHomeAffordable.gov.
If you have any specific questions regarding your situation, please feel free to email me.