Home loan modification is something that many home owners have resorted to to avoid foreclosure, especially after the subprime mortgage crisis.  With mortgage rates at low levels, getting a home loan modification could very well keep you in your home.  The only problem with the current mortgage market is that rates are headed higher and if you are seeking a home loan modification, there is a chance that you will not get the low mortgage rate that you desire.

That being said, it is very helpful to educate yourself on your options before you totally give up.  President Obama is doing what it takes to keep you in your home.  If you have going through a possible foreclosure, I urge you go to to Making Home Affordable and do some extensive research on what your options are.  You never know, you might be able to refinance at a lower rate and save a great deal of money on your monthly mortgage payment.

There are many parts to the Making Home Affordable program, so please do not just glance at the website.  Some of my friends have been researching the programs for months now and they still do not know everything that entails the program.  If you are on the brink of foreclosure or a short sale, it is well worth your time and effort to spend several hours researching what President Obama is willing to do to help you to stay in your home.  I am confident that if you want to badly enough, you will find a way to make ends meet and continue to make those mortgage payments.

There are also several useful links on the Fannie Mae and Freddie Mac websites.  Just google search Refi Plus to get a great deal of information on refinancing at lower rates.

Recently, Fannie Mae introduced a program that will attempt to allow more Americans to lock in at historically low mortgage rates.  The “Desktop Underwriter Refi Plus” program is going to expand the criteria for qualifying for a loan.  There will be a reduction of employee information as well as a lower FICO score will be required to qualify for the advertised low rate mortgage loans.  This is a strong effort by Fannie Mae to give more homeowners the opportunity to refinance and get a rate they desire.

While this sounds wonderful, it is not going to cause a refi boom.  Many of the homeowners who were ineligible before will remain ineligible due to the subprime crisis and lenders being strict with their lending practices.  For those that do qualify, it will make the process much quicker as there will not be as much documentation as before.

Related Posts:

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• Buying or Refinancing a Home in 2009?  A Must Read!