Home Affordable Modification and Refinance

The Obama Making Home Affordable program is a plan announced by President Obama by which 75 billion dollars has been allotted to be used for refinancing and modifying of mortgages. This program is part of the bigger Tarp 2 plan initially approved by the Obama administration which has an allocation of nearly 700 billion dollars. Under this scheme, if a homeowner is likely to lose their property to the bank or a owner who has good past credit but would like to lower the interest rate on his loan to an affordable margin, they can seek the assistance of loan officers and make necessary modifications to their loan.
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