Mortgage Re-finance program - Making Home Affordable Program

Map of the Greater BostonImage via Wikipedia

With the holidays & winter upon us and uncertainty in the job market more and more homeowners are looking into refinancing their mortgages. The federal government has a program called Making Home Affordable Program www.MakingHomeAffordable.gov .

To find out if you might be eligible visit http://www.makinghomeaffordable.gov/borrower-faqs.html to find answers to common questions and links to various qualifiers and requirements. Homeowners should at least keep this in mind or share the info with friends/family that are struggling to afford their homes. The program is pretty generous in the allowances but there are some timeframes involved with the program that need to be paid attention to.

This week the Obama adminstration was calling on many of the largest lending institutions to make sure they were being pro-active in the mortgage relief efforts. The lending industry lobbied hard to defeat efforts to allow federal bankruptcy judges from being the venue to modify troubled mortgages and they're being monitored closely to make sure they live up to their promises.

Also, yesterday was the old deadline for the First Time Homebuyer Progam that just recently got extended. We've noticed continued movement in the local market here in Medford, MA and Greater Boston in general. We'll have to be on the watch for foreclosure activity and the source/reasons for continued lender action.

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