Livonia, MI (Vocus) September 26, 2009 -–
Quicken Loans, the nation’s largest online retail mortgage lender, has released a new online tool to help homeowners determine their eligibility for the Making Home Affordable Program.
The Making Home Affordable plan has two components. The first is for homeowners who normally would not be able to refinance because they owe more on their mortgage than the home is worth. This program allows these homeowners to refinance with current loan-to-value ratios higher than 80 percent but lower than 125 percent (this program was previously capped at 105%).
The second part of the plan is aimed at helping homeowners who are struggling to make their mortgage payments and face imminent foreclosure on their home. The government is working to provide loan modifications for people who can prove financial hardship through job loss, change in income, significant debt or an adjusting interest rate.
If you are not sure which category fits your situation best, or if you are eligible for this program, the Quicken Loans loan modification tool may be able to help clarify the best choice for you and your family.
This online tool helps homeowners differentiate whether their situation qualifies for the loan modification or refinance portion of Making Home Affordable in three steps or less. It also incorporates an equity calculator if you are not sure what your loan-to-value is.
Lastly, Quicken Loans has also released a Making Home Affordable video to help homeowners understand their new loan modification options under this program. Here, homeowners can learn about Refinance Plus, and details as to how you can qualify.
With these two tools and information, homeowners can now take advantage of this program and perhaps prevent imminent foreclosure or relieve financial stress.