To put it simply, the White House wants to make your house more valuable. To that end, it's Making Home Affordable Program is part of an extensive plan to restore the housing industry and help up to 9 million American families, including: homeowners approaching foreclosure; those who are current on their mortgage payments, but hold loans now higher than the present value of their property; and individuals considered first-time home buyers.
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The president's $75 billion plan to stem the tide of foreclosures is designed to provide more affordable mortgage terms for up to nine million US home owners. It is meant to help families that are facing foreclosure, as well as those that are struggling to keep up with their payments even though they "played by the rules," in President Obama's words.
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Mortgage servicers, which manage the loan and loan modification, can get an up-front payment of $1,000 for each eligible loan modification, plus up to $1,000 additional per year for up to three years if the borrower stays current on his/her loan payments.
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