Making Home Affordable Program
On February
18, 2009, President Obama announced his Making Home Affordable Program, designed
to help up to 7-9 million families avoid foreclosure by restructuring or
refinancing their mortgages. In doing so, the plan not only helps responsible
homeowners behind on their payments or at risk of defaulting, but prevents
neighborhoods and communities from being pulled over the edge too, as defaults
and foreclosures contribute to falling home values, failing local businesses,
and lost jobs.
Making Home Affordable Program:
Guidelines
On March 4, 2009, the Obama
Administration announced new U.S. Department of the Treasury guidelines to
enable servicers to begin modifications of eligible mortgages under the
Administration's Making Home Affordable Program – announced by President Barack
Obama on February 28, 2009.
Copyright National Association of REALTORS®, Reprinted with permission. |
