In Economic Downturn Many Eligible For Mortgage Help

Although loan modification for home mortgages may be complicated, it may help many of us get through this slowdown. Here are some key facts about the federal loan modification/refinancing program Making Home Affordable that can make the task of applying for modification or refinancing easier. These are the complete guidelines.

A new FICO Website helps borrowers with the federal government's Homeowner Affordability and Stability Plan focused on owners with mortgages backed by Fannie Mae and Freddie Mac. Other lenders may be offering assistance through this plan. www.nytimes.com  

The Washington Legislature took steps last week to help reduce foreclosures by setting aside $250,000 for a statewide program to help borrowers and lenders work out modifications, refinancing or other arrangements.

The Obama administration has updated the Making Home Affordable program this week by making 2^nd mortgages eligible. The Treasury Department also updated the Hope For Homeowners program offering new incentives to lenders.

All of these programs will have a positive effect on Seattle Real Estate as we make our way out of this sluggish market.