Home Affordable Refinance and Modification Options

Making Home Affordable is part of President Obama's comprehensive strategy to get the housing market back on track. Through the Making Home Affordable program, up to 9 million American families may be eligible to refinance or modify their loans to a payment that is affordable now and into the future.

Home Affordable Refinance: Many homeowners pay their mortgages on time but are not able to refinance to take advantage of today's lower mortgage rates, perhaps due to a decrease in the value of their home. The Home Affordable Refinance will help borrowers whose loans are held by Fannie Mae refinance into a more affordable mortgage.

Home Affordable Modification: Many homeowners are struggling to make their monthly mortgage payments either because their interest rate has increased or they have less income. The Home Affordable Modification will provide them with mortgage payments they can afford.
For more information, go to the U.S. Department of Treasury web site, www.financialstability.gov.

Act Now to Prevent Foreclosure
If you have missed any home mortgage payments ... if you are about to miss a payment due to hardship ... or if your loan already has been referred to an attorney -- please call your mortgage servicer immediately. The telephone number is on your mortgage bill or coupon book.
Your mortgage servicer has a variety of options for many qualified borrowers to modify their mortgages to lower their monthly payments and avoid foreclosure.
You can also call Fannie Mae at 1-800-7FANNIE. If we have your mortgage, we can help you get in touch with your mortgage servicer to get the assistance you need.

Counseling and Information
If you need advice, you can call your local homeowner or financial counseling agency, or the Homeowner's HOPE™ Hotline at 1-888-995-HOPE. Experienced counselors can help you develop the best plan for your situation. This counseling is free. Other resources are available on our related links page.

Gather the Information You Will Need
Before you call your mortgage servicer or homeownership counselor for help, it would be helpful to gather the following information to facilitate your discussion:
  • letters or communications from your lender
  • foreclosure notices
  • recent mortgage statements showing your loan number
  • homeowner's insurance policy
  • last two pay stubs and most recent tax return for all borrowers named on the mortgage
  • proof of other income, such as child support, alimony, Social Security, or pension
  • bank account statements
  • a list of major monthly bills, including child care, utilities, credit cards, and cell phone.
Act now! The sooner you do, the better your chances of saving your home