Obama Plan May Cut Mortgage Payments for Nearly Five Million Families By Next Year
Families fighting to avoid foreclosure or simply save money on their mortgage payments have a new ally: "Making Home Affordable."
"Making Home Affordable" is the Obama Administration's plan for offering aggressive refinancing and loan workout options to a wide range of America's borrowers. This new effort is being implemented nationwide by Freddie Mac and others and is expected to help millions of borrowers refinance or modify their mortgages, avoid foreclosure, and stimulate the economy.
In this video, Ingrid Beckles, Senior Vice President, Freddie Mac, explains how borrowers can determine their eligibility for "Making Home Affordable" and use the President's plan to refinance their current loan, or if they're already behind on their loan or facing a financial hardship, get a modification that makes their loan more affordable. Ms. Beckles also helps homeowners in distress spot con artists and avoid their scams.
