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Government Web Site Can Help Homeowners

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The New York Times

Published: March 21, 2009

The Obama administration introduced a Web site this week to help troubled homeowners find out if they're eligible for relief under its loan modification or refinancing programs.

The site, MakingHomeAffordable .gov, provides homeowners with a general idea of whether they'll qualify for a loan modification or refinancing by answering four or five questions.

And while the site aggregates many useful resources, consumers should not take all of its answers or outputs as gospel. Qualifying for a loan modification, for instance, is a nuanced process, and should be discussed with a professional. If the screen says you are not eligible, it is probably still worth reaching out to your mortgage servicer or a housing counselor.

The questionnaire for refinancing is more likely to produce accurate results, simply because it's more straightforward. Your mortgage must be owned by Fannie Mae or Freddie Mac, the two government-controlled mortgage companies, and you cannot refinance more than 105 percent of your home's value. You must also be current on your mortgage.

The site also has a tool that allows homeowners to see whether their loan is owned by Fannie or Freddie, a requirement for refinancing. But it remains to be seen what kind of errors may surface here, too.

Given the many permutations an address may take, there's always a chance you may pull up the wrong information. Freddie's site asks for your name, full address and Social Security number, which may leave less room for error.

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