Everyone is concerned about the rate of foreclosures in the Indianapolis real estate market and across Indiana. There are still many Indianapolis homes for sale that are in a distressed state. Because of this, nationwide initiatives are being formed to move us out of this crisis.
Initiated to focus on the primary issues behind the United States‘ troubles and to allow our economy to get back on its feet, the current Administration headed by Barack Obama has brought about a Financial Stability Plan. Within this plan is a piece they consider very important as it hopes to secure the housing market in cities like Indianapolis and assist approximately seven to nine millions United States citizens make their mortgage payments more easily afforded. This program is called Making Homes Affordable.
As of the summer of 2009, Making Homes Affordable has two solutions it offers. One is a potential to refinance a mortgage called the Home Affordable Refinance Program. The second is geered toward modifying a current mortgage called the Home Affordable Modifcation Program.
Specifically, the Home Affordable Refinance Program offers the chance for refinancing to four to five million people owning homes financed by Freddie Mac or Fannie Mae. This program has committed $75 billion toward keeping these Americans from an otherwise avertible foreclosure.
Programs like this also want consumers to be aware of the potential scams there are for foreclosure rescue. For assistance from or receiving information regarding Making Homes Affordable from a lender or HUD-approved counselor, there is never a fee involved. In general, always be wary of anyone who charges you a fee for these types of counseling services or when making the offer to modify a delinquent loan.
Other scams to be on the lookout for is anyone who claims they can keep you from losing your home if you transfer or sign over the deed to your property. Do not relinquish the deed to your home to anyone outside of the mortgage company you work with to relieve your debt. And also, only turn in mortgage payments to your own mortgage company unless approved otherwise by them.
The Making Homes Affordable website gives Indianapolis homeowners specific details about how the programs work in addition to tools to assess if you are eligible for these programs. Calculators are also available so that you can determine what type of resources you will need and if you qualify for refinancing or modification under the Making Homes Affordable plan. Also available are resources for counseling, local events as well as lists for what to have on hand when you make your first call.