Below is a link to a website that describes the government plan to help homeowners refinance or modify their mortgages.
Refinancing: Many homeowners pay their mortgages on time but are unable to refinance. This prevents certain homeowner from taking 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.
Learn more on their website:
www.financialstability.gov/makinghomeaffordable
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