The U.S. Treasury Department recently announced details of the Making Home Affordable program which allows eligible borrowers to refinance or modify their mortgage loans, resulting in more affordable payments. U.S. Bank Home Mortgage is participating in the program and fully supports efforts to help families to lower monthly mortgage payments and / or to avoid foreclosure (and foreclosure scams) and remain in their homes.
The Making Home Affordable initiative allows eligible borrowers to refinance or modify their existing first mortgage. Detailed information about the program is available at makinghomeaffordable.gov. You can determine if you may be eligible by answering the following:
Home Affordable Refinance
You may be eligible for a Making Home Affordable refinance if all of the following are true:
- You have a Freddie Mac or Fannie Mae loan. If you’re not sure, you can call Freddie Mac at 800-FREDDIE, 8 am to 8 pm EST, or visit freddiemac.com/avoidforeclosure. Call Fannie Mae at 800-7FANNIE, 8 am to 8 pm EST, or visit fanniemae.com/homeaffordable. A U.S. Bank Home Mortgage specialist can also help you.
- You have not been 30 or more days late on your mortgage payment in the past 12 months.
- You believe the amount you owe on your first mortgage is about the same or less than the current value of your home.
If you answered “yes” to all of the above, you could be eligible for a refinance. You may contact any of our loan specialists to review your refinance options and begin the application process. Locate a loan specialist in your area or call 866-932-0462. We appreciate your patience as we are experiencing high customer demand.
Home Affordable Loan Modification
You may be eligible for a Making Home Affordable modification if all of the following are true:
- You occupy the home as your primary residence.
- The amount you owe on your first mortgage is less than or equal to $729,750.
- You are already delinquent in your payments or you are having difficulty paying your mortgage, perhaps due to a significant increase in your monthly payment, a reduction in income, or hardship that has increased your expenses.
- You obtained your current mortgage before January 1, 2009.
- Your loan is currently serviced by U.S. Bank Home Mortgage.
If you do not qualify for a loan modification under the program, we may have other options to help lower your monthly payments.
To speak with a loan specialist and determine your eligibility and to discuss your options under the Making Home Affordable Program, please call 866-932-0462.
It's anticipated that the program will assist one in nine U.S. homeowners. We thank you in advance for your patience.
