The federal government has launched a new website with online tools that will allow a homeowner to determine if they are eligible to participate in the "Making Home Affordable" loan modification and refinancing program. The site is http://www.makinghomeaffordable.gov/
and shares information about how this program works and who is eligible for assistance. This is the same $75 billion program you may have heard of recently in the media.
The homeowner should have the following available:
* Information about your first mortgage, such as your monthly mortgage statement.
* Information about any second mortgage or home equity line of credit on the house.
* Account balances and minimum monthly payments due on all of your credit cards.
* Account balances and monthly payments on all your other debts such as student loans and car loans.
* Your most recent income tax return.
* Information about your savings and other assets
* Information about the 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.
