Obama's Home Affordability Loan Modification Program

President Obama's "Making Home Affordable" program will offer assistance to as many as 7-9 million homeowners making a good faith effort to make their mortgage payments, while attempting to prevent the destructive impact of the housing crisis on families and communities.

The target is homeowners who have made every possible effort to stay current on their mortgage payments. It will not help speculators. Just as the American Recovery and Reinvestment Act works to save or create several million new jobs and the Financial Stability Plan work to get credit flowing, the Making Home Affordable Program will support a recovery in the housing market and ensure that these workers can continue paying off their mortgages.

By supporting low mortgage rates and strengthening confidence in Fannie Mae and Freddie Mac...providing up to 4-5 million homeowners with new access to refinancing and creating a comprehensive stability initiative to offer reduced monthly payments for up to 3-4 million at-risk homeowners, this plan...which draws off the best ideas developed within the Administration, as well as from Congressional Housing Leaders and FDIC Chair Sheila Bair...brings together the government, lenders, loan servicers, investors and borrowers to share responsibility towards ensuring working Americans can afford to stay in their homes.

As we continue, we discuss in depth the following aspects of the "Obama Plan".
These key points will be detailed and discussed...

1.] Making Home Affordable.
2.] Eligibility and Verification.
3.] Loan Modification Terms and Procedures.
4.] Transparency and Accountability.

Even though this plan was put into effect in early March of 2009, there is still a lot of misinformation and confusion. Frequently, I get questions from the public regarding certain aspects...such as "How do I know I can qualify?"...or "What kind of improvement can I expect to see from my loan terms?" The purpose of detailing out the plan is to help the public understand how this plan can benefit them and assist them to stay in their homes...thus "Empowering Themselves."