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The big first step in determining your eligibility for either program is to find out who "owns" your mortgage. Both programs mandate that lenders consider borrowers whose mortgages are backed by either Fannie Mae or Freddie Mac. It is hoped that lenders will consider offering the same assistance to other loans as well. And, given the financial incentives lenders will receive for the loan modification program, I expect many will.
Get Suze's mortgage assistance action step
Are You Eligible for Mortgage Help?
The Obama administration estimates that as many as 9 million homeowners may be eligible for either refinance or loan modification help under the recently launched Homeowner Affordability and Stability Plan (HASP).
Related Resources
- Learn about home loan modification and refinancing at MakingHomeAffordable.gov
From The Oprah Winfrey Show Recession Rescue with Suze Orman
Please note: This is general information and is not intended to be legal advice. You should consult with your own financial advisor before making any major financial decisions, including investments or changes to your portfolio, and a qualified legal professional before executing any legal documents or taking any legal action. Harpo Productions, Inc. and its affiliated companies and entities is not responsible for any losses, damages or claims that may result from your financial or legal decisions.
