FANNIE OR FREDDIE SHOULD BE ABLE TO MODIFY MOST WELLS FARGO HOMEOWNERS HOME LOANS

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	New Program Helps in Refinancing to Low Interest Rates Going from a very high interest rate to a low one means a decrease in the amount of your monthly mortgage payments. Many homeowners, though, are unable to take advantage of interest rates at historic lows, because their homes have lost value in the slumping real estate market. If your home has lost value and you're thinking about refinancing, the new Making Home Affordable program may be able to help. The program is also for homeowners with interest-only loans, or with low introductory interest rates that will increase in the future. Refinancing those mortgages may not reduce monthly payments, but it could save you a lot of money over the life of the loan. Keep in mind that refinancing may not be the best option for everyone. Lenders will give applicants a good faith estimate that includes your new interest rate, mortgage payment and the new total amount of principal and interest for the loan. Once you have that information, you can decide if refinancing is right for you. To be eligible for the program, either Fannie Mae or Freddie Mac must own or "securitize" your mortgage. Your lender can tell you who owns your loan, or you can contact Fannie Mae and Freddie Mac directly: Fannie Mae: 1-800-7FANNIE (8 a.m. to 8 p.m. EST) Freddie Mac: 1-800-FREDDIE (8 a.m. to 8 p.m. EST) To see if you meet the other requirements, you can do your own initial screening online or talk to your HUD-sponsored counselor. According to Making Home Affordable, the general eligibility guidelines are: You are the owner-occupant of a one- to four-unit home. At the time you apply, you are current on your mortgage payments. You believe the amount you owe on the mortgage is about the same or slightly less than the current value of your house. You have income to pay the new monthly amount for your loan. Refinancing will improve the long-term affordability or stability of your loan. This program expires on June 10, 2010, and your refinancing must be done on or before that date. Read More: Will a Loan Modification Lower Your Mortgage Payments? Need to Know Your State Foreclosure Process? Copyright © 2009 Leagle, Inc. Created April 13, 2009, last updated June 14, 2009.