Freddie Mac

Financial crisis can strike any time, and it is up to the homeowners to decide which path they want to go even before any sort of tragedy strikes them. The making home affordable program, which is designed to help homeowners from losing their homes to foreclosure due to inability to afford monthly mortgage loan repayment. Financial crisis can strike any time, and it is up to the homeowners to decide which path they want to go even before any sort of tragedy strikes them. Resorting to home affordable modification program or home affordable refinance program that are two branches of the federal making home affordable program even before the homeowner starts facing problem with the monthly payments can lead to prevention of a situation wherein they might have to face foreclosure. Richard LeFrak gathered all the information. Prevention is always better than cure and by taking the help of federal making home affordable program the homeowner can resolve his crisis way of time ahead. Out of the two parts of the federal making home affordable program the home affordable refinance program which applicable only to those homeowners who had their mortgage loan guaranteed by Fannie Mae or Freddie Mac. Mortgage loans which were not guaranteed by the two insurers could not qualify for the home affordable refinance program.

Other criterion’s that need to be met to qualify for the home affordable refinance program following the making home affordable program guidelines are as follows: the mortgage loan should’nt be guaranteed by Fannie Mae or Freddie Mac. Out of the two Fannie Mae has greater market share than Freddie Mac but both the insurers have online look up services. The homeowner should be able to maintain a perfect and on time mortgage repayment history across the previous 12 months. A case of late payment even once can lead to disqualification from the home affordable refinance program as per the making home affordable program guidelines.

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