Rules and restrictions for Obama's Making Home Affordable plan

 The Obama Administration's attempt to fix the broken housing market has a two-pronged approach: allowing some homeowners to refinance and others to have their mortgage loan modified. This being a government-run program, both options have complex rules and requirements.

Some homeowners (those with mortgages owned by Freddie Mac and Fannie Mae) may be able to refinance to a lower interest rate, even if their equity has dropped below 80% because of plummeting home values.

Homeowners struggling to make their mortgage payments or in imminent danger of defaulting may be able to have their loans modified to a more comfortable monthly payment if they can meet the many criteria of the program.

For details on the Making Home Affordable plan, read this article from Bankrate.com

For other articles on the Making Home Affordable plan and the Economic Stimulus bill, go to the links below:

http://www.examiner.com/x-612-Residential-Real-Estate-Examiner~y2009m2d27-Ways-homeowners-and-homebuyers-can-benefit-from-economic-stimulus

http://www.examiner.com/x-612-Residential-Real-Estate-Examiner~y2009m3d2-Stimulus-aid-to-help-military-families-avoid-foreclosure

http://www.examiner.com/x-612-Residential-Real-Estate-Examiner~y2009m2d20-Outrage-from-some-on-Obamas-housing-relief-plan