Suze Orman

2009 Online Updates
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March 10, 2009

New resource to find out if you are eligible for mortgage help

The Obama administration estimates that as many as 9 million homeowners may be eligible for either refinance or loan modification help under the recently launched Homeowner Affordability and Stability Plan (HASP)

The big first step in determining your eligibility for either program is to find out who “owns” your mortgage. Both programs mandate that lenders consider borrowers whose mortgages are backed by either Fannie Mae or Freddie Mac. It is hoped that lenders will consider offering the same assistance to other loans as well. And given the financial incentives lenders will receive for the loan modification program I expect many will.

Action Step: Contact Fannie Mae or Freddie Mac to find out if they back your mortgage.

For Fannie Mae:
1-800-7FANNIE (8am to 8pm EST).
www.fanniemae.com/homeaffordable

For Freddie Mac:
1-800-FREDDIE (8am to 8pm EST)
www.freddiemac.com/avoidforeclosure

I also recommend checking out this government website that can help you understand whether you are a candidate for the HASP refinance or modification programs.

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