The Obama Administration announced new details about its massive foreclosure relief program — and the Washington Post says that it includes a refinancing program for homeowners with little equity in their homes, but who otherwise would be able to refinance. The Post has a quick interactive tool that will help you to determine whether or not you qualify for the program.
A separate part of the Homeowner Affordability and Stability Plan is aimed at the growing number of homeowners who have been unable to refinance because they have little equity in their home. Only homeowners whose mortgages are owned or financed by Fannie Mae and Freddie Mac, the mortgage financing companies recently taken over by the government, can qualify for this part of the program. They would have until June 2010 to refinance.
To find out whether or not you qualify for this program, or the loan modification program that is aimed at homeowners in danger of foreclosure, click here.