The Obama administration says the Making Home Affordable plan (MHA) should cut mortgage bills for up to 9 million Americans who are having trouble making their monthly payments.
The program could provide some borrowers mortgages with interest rates as low as 2 percent and there are also incentives that may pay down principal in some cases.
There are two programs -- Home Affordable Refinance and Home Affordable Modification.
Check out the federal government's Q&A about the new program to see if you qualify:
http://www.financialstability.gov/docs/counselor_qa.pdf
As always, we will keep you up to date on any new information that becomes available with regards to this plan. So come back often or register to follow our blog to receive up to date information.
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