The Center For Debt Management
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Refinance or Modify
Your Mortgage

If you are struggling to make your mortgage payments or can’t take advantage of lower interest rates because your home has dropped in value, you may be one of the up to 7 to 9 million homeowners eligible for the Making Home Affordable Program, which is intended to help responsible homeowners and strengthen the housing market. The program has two key components:

Home Affordable Refinance

Many homeowners pay their mortgages on time but are not able to refinance to take advantage of today's lower mortgage rates, perhaps due to a decrease in the value of their home. The Home Affordable Refinance may help borrowers, whose loans are held by Fannie Mae or Freddie Mac, refinance into a more affordable mortgage.

Home Affordable Modification

Many homeowners are struggling to make their monthly mortgage payments either because their interest rate has increased or they have less income. The Home Affordable Modification may provide them with mortgage payments they can afford.

Rest easy. In just a few simple steps, you'll be on your way to contacting your mortgage company with confidence.

Use this checklist to ensure you have all the information you will need when you speak to your mortgage company or homeownership counselor:

  • Mortgage information, such as your monthly
    mortgage statement

  • Information about a second mortgage or
    home equity line of credit

  • Account balances and minimum monthly payments on all of your credit cards and any other debts such as student loans and car loans

  • Most recent income tax return

  • Amount of savings and other assets

  • Monthly gross (before tax) income of your household, including recent pay stubs if you receive them or documentation of income you receive from other sources

  • It may also be helpful to have a letter describing any circumstances that caused your income to be reduced or expenses to be increased (job loss, divorce, illness, etc.),
    if applicable

Get Started

Find out if Fannie Mae owns your loan

To take advantage of the Home Affordable Refinance, your mortgage must be owned by Fannie Mae or Freddie Mac. See if Fannie Mae owns your mortgage:
Fannie Mae Loan Lookup Tool

Review the making home affordable eligibility criteria

Now that you know if your mortgage is owned by Fannie Mae or not, find out if you are eligible for a Making Home Affordable Refinance or Modification by visiting the U.S. government's MakingHomeAffordable.gov Web site.

Contact your mortgage company
or homeownership counselor

After going through the Making Home Affordable eligibility criteria, you will want to call your mortgage company or homeownership counselor for help. Contact information for your mortgage company is on your monthly mortgage statement or coupon book.

Additionally, HUD sponsors housing counseling agencies throughout the country that can provide advice on buying a home, renting, defaults, foreclosures, credit issues and reverse mortgages


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