Making Home Affordable Refinance

• Small lenders were not the only companies to offer some of these loan programs. Even Fannie Mae and Freddie Mac joined in. If either of these companies own your loan, you may be eligible for a host of federal government mortgage programs. Call your mortgage servicer, the company listed on your payment coupon, and ask who owns your mortgage. If Fannie Mae or Freddie Mac own your mortgage, ask your servicer about refinancing your loan through the Making Home Affordable Refinance Program.
  
  

FHASecure

• The FHASecure program offered by the Federal Housing Administration (FHA) allows homeowners stuck in subprime mortgages with high interest rates and prepayment penalties to refinance into an FHA loan. You are not automatically disqualified for this program if you have missed payments on your current mortgage. You must have a steady stream of income and be able to afford the new mortgage payment. If you are in default or delinquent you must be able to show it is because of rising interest rates on your mortgage. If you have not missed a payment, any type of loan is eligible for refinance through this program
  
  

Making Home Affordable Modification

• If you are behind on your mortgage and are facing foreclosure, you may qualify to have your mortgage permanently modified by your servicer. If Fannie Mae and Freddie Mac own your loan, you and your servicer may explore options to lower your outstanding loan amount and interest rate. The servicer requires you provide proof of your income, and you must successfully complete a trial period before the loan modification becomes permanent.
  
  

Local Government and Non-profit Mortgage Help

• Your local state housing authority and many U.S. Department of Housing and Urban Development (HUD) approved non-profit housing counseling agencies were provided $1 Billion to provide 0 percent interest mortgage loans. These loans are second mortgages for up to $50,000 to help homeowners in the hardest hit states pay their mortgage loans.