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Having Trouble Paying Your Mortgage?

April 2, 2009 | Mortgage Loans | No Comments

If you are having trouble paying your mortgage, remember that President’s Obama Homeowner Affordability and Stability Plan is setup to help up to nine million families modify their mortgages to avoid foreclosure.

Many homeowners pay their mortgages on time but are not able to refinance to take advantage of today’s lower mortgage rates maybe due to a decrease in the value of their home. While other homeowners are struggling to make their monthly mortgage payments maybe because their interest rate has increased or they have less income .

The government has setup a website at to help with loan refinancing and loan modification.

Eligible borrowers who are current on their mortgages but have been unable to take advantage of todays lower interest rates because their homes have decreased in value, may now have the opportunity to refinance. Through the Home Affordable Refinance Program, Fannie Mae and Freddie Mac will allow the refinancing of mortgage loans that they own or that they placed in mortgage backed securities.

You may be eligible if:

  • You are the owner occupant of a one to four unit home,
  • The loan on your property is owned or securitized by Fannie Mae or Freddie
  • At the time you apply, you are current on your mortgage payments (current means that you haven’t been more than 30-days late on your mortgage payment in the last 12 months or, if you have had the loan for less than 12 months, you have never missed a payment),
  • You believe that the amount you owe on your first mortgage is about the same or slightly less than the current value of your house,
  • You have income sufficient to support the new mortgage payments, and
  • The refinance improves the long term affordability or stability of your loan.


To find out more information visit





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