The White House announced on Wednesday the specifics and eligibility requirements for its massive mortgage relief program, aimed at helping homeowners either modify or refinance their mortgages as needed.
Are you one of the millions of Americans who can take advantage of the program?
If you’re a responsible homeowner looking to lock in a lower interest rate – responsible meaning you make your payments on time and are no more than five percent underwater – you may now have the opportunity to do so under the guidelines of the new plan. Note that the home must be your primary residence and the mortgage must be backed or guaranteed by Fannie Mae or Freddie Mac. Ask your lender if you are unsure who guarantees your mortgage.