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.