White House launches mortgage-assistance Web site

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The Obama administration today launched the Makinghomeaffordable.gov Web site, where you can get free information on ways to reduce your mortgage payments and keep your home out of foreclosure. Your first step is to determine whether you're eligible to refinance or modify your loan by filling out and submitting a short questionnaire. If you are not eligible, you get a "YOU ARE NOT ELIGIBLE FOR A HOME AFFORDABLE REFINANCE" (or modification) message and this explanation: "The Home Affordable refinance and modification options are designed specifically to allow existing homeowners to keep their homes by making mortgage payments affordable. The plan will not help everyone. For example, it will not help investor borrowers or borrowers who have no income and cannot make any mortgage payment." If you are eligible, the message reads, "YES, YOU MAY QUALIFY FOR HOME AFFORDABLE REFINANCE" (or modification), and you're presented with a list of information you'll need when you call a mortgage lender. "While our plan may not save every homeowner in trouble, it will give millions of families a chance to rebuild. Solving this crisis will require more than resources—it will require each of us to take responsibility, to reach out to our neighbors and offer support and guidance, to engage with the government and work together to find solutions," wrote Stephanie Valencia, of the White House Office of Public Liaison, on the White House Blog. Essential information: A variety of scammers and foreclosure vultures are targeting distressed homeowners, while foreclosure auctions are front-page news. You'll find advice for dealing with mortgage problems at Defend Your Dollars.org. Also see our tips for buying foreclosed property and choosing a home inspector.

Submitted @ 2009-03-20