Distressed homeowners now have a federal website

WASHINGTON, D.C.
March 19, 2009 7:34am

The U.S. Department of the Treasury and the Department of Housing and Urban Development today launched a new website for consumers seeking information about the Obama Administration’s “Making Home Affordable” loan modification and refinancing program.

The program is expected to be of scant help to the Central Valley, where home values have fallen so much – more than in virtually any other area of the nation – that homeowners won’t qualify.

The site, MakingHomeAffordable.gov, offers features including self-assessment tools to help borrowers determine if they’re eligible to participate and calculate the monthly mortgage payment reductions they might perhaps realize under the program.

First announced by President Barack Obama in February, Making Home Affordable is expected to offer assistance to as many as 7 million to 9 million homeowners making a good-faith effort to make their mortgage payments, while attempting to prevent the destructive impact of the housing crisis on families and communities.

“Education and outreach is central to the success of our Making Home Affordable program,” says Treasury Secretary Timothy Geithner. “Putting resources and tools directly in the hands of homeowners will expedite the process of delivering relief to responsible borrowers, and stabilizing the housing market is central to our overall economic recovery.”

Features of the new website launched today include:

• Information about the Administration’s Making Home Affordable plan

• Self assessment tools to allow borrowers to determine if they are eligible for the program

• A calculator feature that allows homeowners to estimate the reduction to their monthly mortgage payment that they might stand to realize under the plan

• Resources to find free, HUD-approved counseling services for borrowers who have additional questions

• A checklist to ensure homeowners collect all the documents they need before calling their servicers