Answer
The new Making Home Affordable Program is designed to help homeowners retain their homes and to prevent the destructive impact of foreclosures on families and communities.

On March 4, 2009, program guidance was issued for loans owned or securitized by Fannie Mae or Freddie Mac. It includes a modification plan targeted at borrowers who are at risk of foreclosure because their incomes are not sufficient to make their mortgage payments; and refinance opportunities for borrowers who are current on their mortgage payments but have been unable to refinance because their homes have decreased in value.

To find out if your loan is owned or securitized by Fannie Mae or Freddie Mac and if you are eligible for a loan modification or refinance assistance go to
http://www.MakingHomeAffordable.gov
This site includes questions and answers that will help you determine your eligibility.

Information is also available at:
www.fanniemae.com and www.freddiemac.com will never be charged a fee for a modification under the government's Making Home Affordable Program. Beware of any organization that attempts to charge a fee for housing counseling or "assisting" you in finding a lender that will provide a refinance under the Making Home Affordable Plan, especially if they ask for money in advance.

http://www.fanniemae.com/kb/index?page=home&c=homeowners_mortgagehelpcenters

http://www.knowyouroptions.com/

Borrowers

If you would like to speak to a housing counselor you can call 1-888-995-HOPE or to locate a counseling agency go to: http://www.hud.gov/offices/hsg/sfh/hcc/fc/ housing counselors can help you evaluate your income and expenses and understand your options. This counseling is FREE.

HUD-approved