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March 08, 2010

Making Home Affordable

Last year, President Obama unveiled Making Home Affordable to help borrowers struggling to make their monthly mortgage payments and those facing foreclosure. The primary goal of this program is to offer loan modifications and mortgage refinance to borrowers whose mortgage notes are secured by Fannie Mae and Freddie Mac.

The Making Home Affordable refinancing plan expires on June 10, 2010, while the loan modification program expires December 31, 2012. Two additional programs are currently in the works. The 2nd lien modification program is scheduled to be implemented in the first quarter of 2010. The foreclosure alternatives program is expected to debut in April 2010.

Real Estate Investing article on "Making Home Affordable"