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Making America Affordable for Homeowners

Obama Modified the Home Affordable Refinance Program

with 12 comments

We all have heard of the making Home Affordable Mortgage modification and Refinance plan that President Obama put in place to help Homeowners avoid foreclosure and to make home affordable.

Obama has modified the MHA Refinance Program known as HARP

yesterday July 1, President Obama signed into action a modification to the Making Home Affordable Mortgage Refinance Plan. he has expanded the reach of the homeowner refinance initiative and assistance program.

Just a few days ago a Homeowner who was current on their mortgage but had a loan to value of 110%, meaning his home was valued less than his financial obligation or debt due to the mortgage lender by 10%, this Homeowner would have been turned down if seeking a Making Home Affordable Mortgage Refinance through Obama’s Plan. However if this Homeowner rings up their mortgage lender tomorrow then the agent may sing a different tune.

Essentially President Obama has expanded the reach and eligible population of this program by expanding the loan to value requirements.

It use to be that a Homeowner needed a loan to value of 105% but now a loan to value of 125% is A-OK.

This will help boost the Making Home Affordable Mortgage Refinance Program’s reach of thus far only 200,000 Homeowners which really is not all that bad when you compare it to the retarded cousin of this program known as the Hope For Homeowners Program.

To refresh everyone’s memory the Hope For Homeowners program is a FHA insured mortgage refinance program that was supposed to rescue the American Homeowner and the American economy from Foreclosure. It was a complete waste.

back to the subject at hand …I am curious to hear what folks think of the new changes and modifications made to the Make Home Affordable Mortgage Refinance program?


12 Responses

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  1. I think it is just great that the Obama Administration has expended the reach of the making Home Affordable Mortgage Refinance Program. I think I would like to see the lender incentive increased just a bit however to encourage even more utilization of the Make Home Affordable Loan Modification Program.


    Foreclosure Hope

    July 7, 2009 at 4:34 pm

  2. That is great news!! Maybe now this program will accommodate my situation and help make my home afforable. Ever since the program started, I have been turned down because of the home value and balance of loans, but nw I have some HOPe. Thanks Obama.

    S. Arnold

    July 15, 2009 at 1:21 am

    • hello there

      I just was passing through an read the article as well as Arnolds comment. I just wanted to wish you luck in your efforts to make home affordable by getting a mortgage refinance. I was not able to qualify for a refinance but was able to get a modification through a fine gentlemen named Jason Todd. He really works miracles…well i guess i dont know if its a miracle but i love him for it just the same. He is aiding a nonprofit housing organization from what I could gather… anyways the whole bit took a really long time and I lost half my hair but the guy kept his word and pulled it off. Thanks so much Jason and the hope for housing foundation


      July 16, 2009 at 3:21 am

  3. I am so happy to see this update. I am looking for answers and don’t know where to find them. I don’t think our mortgage company is following the guidelines that President Obama intended. My husband and I were turned down for a loan modification under the making home affordable plan because our mortgage company doesn’t count unemployment compensation as income. My husband lost his job due to downsizing which is a result of the current economy situation. I know we are not alone! The sad thing is the rich are now getting richer at our expence. In my state investers are buying up forclosed homes at an unbelievable price. A $100k home is selling for $5k- $40k and a $200k home can be bought for around $80k. This is true and sad. We are about to lose our home. The sad thing is our credit has been ruined in the process making it almost impossible to rent a decent home or apartment. We have pets and where are they going to go? Are they going to live on the streets with us? We were responsible homeowners with very good credit and a little money in the bank. It is all gone and then some. I just wish the President could see the true situation many of us are faced with. Does anyone know the answers?

    V Risch

    July 21, 2009 at 3:39 am

    • Hello V Risch-

      Yes your story is starting to sound to familliar. The new Obama changes unfortunately will not help you since you are already behind on the mortgage…I wish there was something I could tell you that would help

      If it comes down to having to move you may be able to take advantage of a cash for keys program that many lenders have. This program involves the lender awarding the Homeowner with 3-5 thousand dollars or so with the understanding that you the homeowner will move out by a agreed upon time after the sale of the home. Make sure you go through the lender specifically as this will ensure u get the max pay out.

      learn more here @ http://www.hopenhousing.org/cash_for_keys.html

      Good Luck and God-bless

      Homeowner Help

      July 22, 2009 at 11:33 pm

  4. I was reading your answer about the obama plan to make affordable housing. any way, I was glad to hear that you got some help.. tell me, how do you start this process, & where can I find your Jason Todd? or someone like him in my area, which is Iowa


    July 31, 2009 at 2:24 am

    • Hello there

      I don’t know about specfic help in Iowa but u just might be able to do it your self
      Just start by surfing the net and get familliar with all the different homeowner help programs out there that offer mortgage assistance.

      As for that one guy referencing this Jason Todd … I may be mistaken but I think Jason was working with a group called hopenhousing.org which now only offers help through there website. Go figure.

      If u r late on payments then u need the loan modification through the Obama plan if u r not late try the mortgage refinance option.

      Stop Foreclosure

      August 3, 2009 at 8:05 am

      • thanks for contributing!


        September 1, 2009 at 3:55 am

    • Hello Dusty

      Glad you are searching for help.

      Jason Todd I believe is no longer working with that nonprofit group.

      You may want to get some info from http://www.hopenhousing.org/stop_foreclosure.html


      August 17, 2009 at 6:40 pm

  5. hey this article is really nice and I really enjoyed reading the comments and was impressed by the reader community in terms of how helpful everyone seems to be.

    I sure hop good all Obama can pull this loan modification and mortgage refinance program off

    Good Luck to all you Homeowners!

    Young Finance Guy

    August 28, 2009 at 5:21 pm

    • Thank You for all the kind words Young Finance Guy


      August 30, 2009 at 1:34 am

  6. I think this is one of the most vital information for me.
    And i’m glad reading your article. But should remark on few general things, The website style is perfect, the articles
    is really great : D. Good job, cheers


    August 9, 2014 at 10:52 am

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