The new refinance plan that everyone is talking about is also known as the making home affordable plan.
The Making Home Affordable program details wereannounced on March 4, 2009 and the Making Home Affordable plan isintended to help 9 million struggling homeowners avoid foreclosure. Thetruth of the plan is that it leaves out tens of thousands of borrowersright here in Arizona because they won’t qualify for the Making HomeAffordable program - their homes have lost too much value.
While the government is planning to spend up to $75 billion on theMaking Home Affordable program, the refinancing plan is limited toborrowers who owe up to 5 percent more than their home’s current value.Loan modifications are unlikely for severely “underwater” borrowers.
Contact your local mortgage professional if you think that the making home affordable program is right for your situation -- you won't know until you find out!
