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Foreclosure help from CongressWho Qualifies for the Latest Government Mortgage Programs?
(3/19/09)

One thing you can always count on from government is their ability to complicate seemingly simple issues. This is especially true for the new programs designed to help homeowners avoid foreclosure. However, the government has just announced a new website; www.makinghomeaffordable.gov that provides both answers to common questions and allows financially strapped homeowners to check out their options.

The website is easy to navigate and has key sections that will assist homeowners in determining if they qualify for one of the programs, and the financial benefits of participation. Eligibility Calculators for both refinancing and modification provide quick answers, allowing borrowers to see if their personal situation fits within the program guidelines. Those who qualify can proceed to the next step and calculate the specific benefits available.

A Payment Reduction Estimator helps homeowners calculate their current mortgage debt-to-income ratio and allows them to see how much their monthly payment would be reduced by modification. They can use The Modification Evaluator to calculate a mortgage payment guideline amount based upon their current financial status.

The website also offers a News and Information section that features the latest mortgage and housing news stories from around the country. Finally, a section of Frequently Asked Questions provides answers to the most common questions.

Homeowners who are struggling to make their payments or who are already facing foreclosure should visit the site to discover if help is available for their situation.

 

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