MakingHomeAffordable.gov

Struggling homeowners who are confused about whether they qualify for help under the Obama administration's mortgage plan have a new website to turn to.

A government website scheduled to launch overnight -- MakingHomeAffordable.gov -- is supposed to make it easy for homeowners to see if they're one of the estimated 7 million to 9 million people eligible for the program and calculate how much they might save.

The information on the site is essentially the same as was made public March 4 about the plan, which offers banks incentives to lower mortgage payments or adjust interest rates for some homeowners. But the new site has a snazzy, streamlined design, plus calculators, tips and resources.

There's also a hot line, (888) 995-HOPE, for people who cannot or do not wish to go online that will put them in touch with counselors approved by the U.S. Department of Housing and Urban Development.

All of the information about new government programs can be very confusing. But if nothing else, remember this: Help is free.

Scams are being reported across the country, with shysters mimicking government language to take advantage of homeowners who have heard of Obama's programs but do not know details.

"Beware of any person or organization that asks you to pay a fee in exchange for housing counseling services or modification of a delinquent loan," the new website urges. "Do not pay -- walk away!"

The government also is asking people to be patient with banks as they try to absorb the program's details and train their own workers. Homeowners have complained operators at bank customer service lines either do not know much about the Obama program or are unable to help.

Still, the website is just a guide, and just because homeowners should qualify does not mean banks will work with them. The program is voluntary for the financial institutions.

Four of the biggest banks in the country -- Bank of America, Citigroup, Wells Fargo and Chase -- are close to signing contracts to participate in the plan, senior administration officials said yesterday.

The program is targeted at homeowners who are current on their mortgage but who have not been able to refinance, or those who are struggling to make payments because their interest rates have gone up or their income has gone down.

Critics have said the program does not help people most in trouble -- those who owe much more on their mortgage than their home is worth.

source="http://www.nj.com/business/index.ssf/2009/03/federal_website_offers_mortgag.html"