If this describes your situation, there is a chance you may be able to take advantage of the Making Home Affordable Program. This program is intended to help homeowners through the crisis while simultaneously strengthening the US housing market. While it has sometimes been a political lightning rod, there is no doubt that consumers who qualify will see personal benefit.  If your loan is held by Fannie Mae or Freddie Mac, you might be eligible to reap this benefit.

Determining whether you might be eligible is as simple as checking out the eligibility requirements on the Fannie Mae web site. (http://www.fanniemae.com/homeowners/refinance-or-modify.html)

Just being eligible does not guarantee that you will qualify. However, doing a little research can make a world of difference in your financial well-being. Take a few minutes to see if this program is right for you. If you can “modify” or refinance into a more affordable mortgage you should definitely consider doing so.

You will need to have a few things in hand when you talk to your mortgage company, but their site does a great job of telling consumers what they will need.

Refinance or Modify Your Mortgage is a post from: Austin Texas Mortgage