Making Home Affordable
The Making Home Affordable program details were announced on March 4, 2009 and the Making Home Affordable plan is intended to help 9 million struggling homeowners avoid foreclosure. Homeowners have invested in furniture, home insurance and other assets which would make it hard for them to give up their homes. The truth of the plan is that it leaves out tens of thousands of borrowers right here in Arizona because they won’t qualify for the Making Home Affordable program – their homes have lost too much value.
While the government is planning to spend up to $75 billion on the Making Home Affordable program, the refinancing plan is limited to borrowers who owe up to 5 percent more than their home’s current value. Loan modifications are unlikely for severely “underwater” borrowers.
More information about the Making Home Affordable program can be found here: