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Are You Eligible for Mortgage Help?
By Suze Orman
Oprah.com   |   April 02, 2009
Refinance your home.
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).
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
Action Plan
Contact Fannie Mae or Freddie Mac to find out if they back your mortgage.

For Fannie Mae:
800-7FANNIE (8 a.m. to 8 p.m. EST)
www.fanniemae.com/homeaffordable

For Freddie Mac:
800-FREDDIE (8 a.m. to 8 p.m. EST)
www.freddiemac.com/avoidforeclosure

I also recommend checking out this government website that can help you understand if you are a candidate for the HASP refinance or modification programs.

More recession rescue advice from Suze Orman
Printed from Oprah.com on Saturday, May 25, 2013
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