This comprehensive federal plan to help responsible homeowners avoid foreclosure was announced on February 18, 2009 by President Obama.  The Making Home Affordable Program is made up of two components – a refinance program for homeowners who pay their mortgage on time, but who have not been able to refinance to lower interest rates because of a decrease in the value of their home; and a loan modification program for those homeowners who are struggling to make their monthly mortgage payments because of increases in interest rate or a decline in income.

The Making Home Affordable web site contains a helpful self-assessment tool for homeowners to determine whether they would be eligible for the program, a Frequently Asked Questions section, and many other resources.  New information is being added regularly to the web site, so visit www.makinghomeaffordable.gov often.