Makinghomeaffordable.gov -Real Loan Modifications and Refinancing

by Jay Fleischman, Esq.

March 20, 2009

Recently, we wrote about www.financialstability.gov, a federal government portal which was supposed to help people get mortgage loan modifications.  Well, this wasn’t the most stable website, as things turn out.

Now, we have a new and improved portal for loan modifications.  It’s www.makinghomeaffordable.gov

At this page, you will find new and improved tools to see if you qualify for a loan modification under the “Home Affordable Modification” plan or for refinancing under the “Home Affordable Refinance” plan.  You can check to see if your loan is a Fannie Mae or Freddy Mac loan – a very important qualification.  It’s well organized and easy to use.

Please look at www.makinghomeaffordable.gov if you are facing foreclosure or even behind on your mortgage payments.  These plans are not for everyone.  However, a great deal of money has been placed into the “system” by the Federal Reserve Bank. It has committed to buy almost a TRILLION DOLLARS in mortgages in order to get our real estate markets liquid again. That is major money and a good chunk of it is committed to the two programs you can find at these sites.

So check them out today.

And while you are at it, avoid the “mortgage modification companies” which are frequently scammers who used to sell people toxic sub-prime mortgages which got us into this fine mess in the first place.

And another thing:  Please get in touch with your senators and ask them to support S 61 so that mortgages can be modified in chapter 13 cases.  This is a missing link in the overall plan to repair our mortgage markets.

You can get in touch with Congress and your Senators.  Click here NOW to support mortgage modifications in chapter 13.  And while you’re at it, pass this link on to everyone you know.  Thank you for helping save our homes.

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Jay S. Fleischman is a bankruptcy lawyer with offices in Los Angeles and New York. He can often be found on Google+ and Twitter, where he shares information about consumer protection issues and personal finance.

Last modified: October 21, 2011