In February 2009, President Obama unveiled his plan to help stabilize the housing market and keep millions of borrowers in their homes. This Homeowner Affordability and Stability Plan focuses on reducing the number of foreclosures and making it easier for customers to refinance their mortgages.
The Making Home Affordable programs help bring relief to struggling homeowners. The "Home Affordable Refinance" program is for homeowners who have a solid payment history and owe more than 80% of their homes’ value. The "Home Affordable Modification" program helps homeowners avoid foreclosure by reducing monthly mortgage payments. In addition, the plan includes an initiative to support lower mortgage rates by strengthening confidence in Fannie Mae and Freddie Mac.
In its ongoing effort to provide affordable mortgages to families who have experienced a steep decline in home value, Fremont Bank is one of the first banks in the nation to fund new mortgages through Obama’s “Making Home Affordable” refinance program. Several families have already successfully locked-in lower mortgage rates through this program.
To find out more about Making Home Affordable program, please click on this link: www.financialstability.gov/makinghomeaffordable/. To see if you are among the homeowners that may benefit from the Making Home Affordable programs, please call 1-866-997-7359.
