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The Making Home Affordable Program

Homeowner Affordability and Stability Plan

The U.S. Treasury Department recently announced details of the Making Home Affordable Program, which allows eligible borrowers to refinance or modify their first mortgage loans, resulting in more affordable payments. First National Bank – Fox Valley is participating in this program and fully supports efforts to help homeowners lower monthly mortgage payments and / or avoid foreclosure and remain in their homes.

Refinance

You may be eligible for the refinance option if you meet these requirements:

  • You are the owner occupant of a one to four unit property,
  • The loan on your property is owned or securitized by Fannie Mae or Freddie Mac. If you are not sure if your loan is owned or securitized by Fannie Mae or Freddie Mac, you may contact Fannie Mae at 800-7FANNIE (8am to 8pm EST) or visit www.fanniemae.com/homeaffordable. You may contact Freddie Mac at 800-FREDDIE (8am to 8pm EST) or visit www.freddiemac.com/avoidforeclosure.
  • At the time you apply, you are current on your mortgage payments (current means that you haven’t been more than 30-days late on your mortgage payment in the last 12 months or, if you have had the loan for less than 12 months, you have never missed a payment), and
  • You believe that the amount you owe on your first mortgage is about the same or slightly less than the current value of your house.

If you answered “yes” to all of the above, and would like to explore this further with one of our mortgage lenders, please call 920.729.6900 or click here to send an email to the mortgage department.

Loan Modification

You may be eligible for a loan modification if you meet these requirements:

  • You are the owner occupant of a one to four unit property,
  • You have an unpaid principal balance that is equal to or less than $729,750 for one unit properties (there is a higher limit for two to four unit properties - consult one of our mortgage specialists),
  • You have a loan that was originated on or before January 1, 2009,
  • You have a mortgage payment (including taxes, insurance, and home owners association dues) that is more than 31% of your gross (pre-tax) monthly income, and
  • You have a mortgage payment that is not affordable, perhaps because of a significant change in income or expenses.

If you answered yes to the above and would like to talk to one of our mortgage lenders about the loan modification program, please call 920.729.6900 or click here to send an email to the mortgage department.

If you do not qualify for a loan modification under the program, we may have other options to help lower your monthly payments. 

For more information about the program please visit www.financialstability.gov. This site contains a self-assessment toll designed to see if you are among the 7 to 9 million homeowners who may benefit from the refinance or modification programs. You may also download a borrower Q & A at this site.