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The Griesser LaPierre Team - Keller Williams Main Line Realty720 West Lancaster Avenue
Bryn Mawr, PA 19010
President Obama's New Mortgage Relief Plan
How To Get Started To See If You Qualify
10-26-2011As you may have heard, President Obama has unveiled his new program to help underwater home owners refinance their mortgages. Details are being released today, and anyone feeling the pressure of today's economy, who owns a home, should see if they qualify. So I did some research for everyone and found these resources.
This is not a complete tutorial of the program, nor do I explain how it all works. This is just a resource for you to use, to get answers to questions you may have on this new program.
First, to learn more about the program called Home Affordable Refinance Program, aka (Harp), you should visit the Federal Housing Finance Page.
http://www.fhfa.gov/webfiles/22721/HARP_release_102411_Final.pdf
Second You would need to see if you have your existing mortgage sold to Fannie Mae or Freddie Mac on or before May 31, 2009.
Homeowners can determine if they have a Fannie Mae or Freddie Mac loan by going to:
http://www.FannieMae.com/loanlookup/ or calling 800-7FANNIE (8 am to 8 pm ET)
https://ww3.FreddieMac.com/corporate/or 800-FREDDIE (8 am to 8 pm ET)
Visit either of these sites and enter your property information. A quick search will see if they have a mortgage record for that property. You will then be directed to a web page to see if you Qualify for the program "in the event that your home mortgage was sold to either party."
To go straight to see if you meet the requirements go here
http://www.makinghomeaffordable.gov/get-assistance/explore-eligibility/Pages/eligibility.aspx
Answer all the questions (less then 10) and if you are eligible, you will be given program options that suit your needs.
If this program doesn't work for you, there are other avenues to take for help.
http://www.makinghomeaffordable.gov/pages/default.aspx
and see if you can end the monthly struggle of paying your mortgage, avoid foreclosure, and begin rebuilding your finances.