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Obama Refinance Program-Cannot have access to?

I was told by my bank that the new Obama refinance plan is not yet implemented by them and they are frantically trying to work with Freddie&Fannie to try to implement the same. I have been hearing this for the last 2 months now.
Is it true that although the new Obama refinance plan which is now a law is still not taken effect with the banks & people dont have access to it?
Are there any banks that are providing access to this plan to ordinary people??
I NEED SOME HELP!!!
  • May 30 2009 - Springboro
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Answers (4)

There really is not an Obama Refinance Plan. But, I know what you are talking about. Let me clarify everything for you.

The Making Home Affordable Modification is a government program designed to prevent foreclosures. It gives lenders incentives for using the program. It is optional for a lender to use this program.

Making Home Affordable Refinance is Fannie Mae and Freddy Macs response to this bill to try and help people get their homes refinanced that cannot through traditional lending.

Fannie Mae: DU Refi Plus
Freddy Mac: Relief Refinance

First you need to verify whether you are eligible for either program. Visit makinghomeaffordable.gov and click Loan Lookup. If you are eligible then here is the next step.

If you pay PMI on your current loan you are stuck with using your current mortgage servicer.

If you do not pay PMI you can go to any lender offering the program.
  • June 17 2010
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Profile picture for John Paunan
And to supplement, there are many lenders that offer the programs to Fannie and Freddie borrowers.  
  • June 17 2010
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Profile picture for wetdawgs
Hey guys, this was posted 13 months ago!

  • June 17 2010
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Yep. I was just answering the unanswered ones just in case they were following them.
  • June 17 2010
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