Suze Orman's Recession Rescue Plan

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So who will benefit from the Home Affordable Refinance program? People who aren't in danger of losing their homes now but still want to lower their mortgage payments. The government estimates this program will help 4 to 5 million homeowners who hold mortgages through Fannie Mae or Freddie Mac and are current on their mortgage payments. If they qualify, these homeowners will be able to refinance at a better interest rate—even if their homes have lost value.

Suze says there are two things you have to do to see if you qualify:

Make sure your mortgage is backed by Fannie Mae or Freddie Mac. Visit FannieMae.com or FreddieMac.com to find out.
Go to MakingHomeAffordable.gov. The government site will ask you a series of questions and assess your eligibility.

Get more from Suze about the refinance program.

Go to Step 5 »

Published 04/02/2009

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., OWN: Oprah Winfrey Network, Discovery Communications LLC and their affiliated companies and entities are not responsible for any losses, damages or claims that may result from your financial or legal decisions.