The Making Home Affordable Program can help you refinance into a more affordable mortgage if you’re paying your mortgage on time but you’re unable to refinance to a lower rate because you owe more on your mortgage than your home is currently worth.
Early in 2009, program guidance was issued for loans owned or securitized by Fannie Mae or Freddie Mac.
To find out if your loan is owned or securitized by Fannie Mae or Freddie Mac, go to
http://loanlookup.fanniemae.com/loanlookup/ and https://ww3.freddiemac.com/corporate/
Beware of any organization that attempts to charge a fee for housing counseling or assisting you in finding a lender that will provide a refinance under the Making Home Affordable Plan, especially if they ask for money in advance.
Beware of anyone who says they can “save” your home if you sign or transfer over the deed to your house.
Never submit your mortgage payments to anyone other than your mortgage company without their approval.