The federal government has established a new website intended to help American homeowners determine if they qualify for a loan modification using the Making Home Affordable loan modification and refinancing program.

According to the official press release, The Making Home Affordable program could help up to 4 million homeowners negotiate loan modifications or short sales with loan servicers and help refinance up to 5 million more loans already owned or guaranteed by Fannie Mae and Freddie Mac.  This part of the stimulus program will include $75 billion in incentives for loan servicers and borrowers successful in their quest.

“Education and outreach is central to the success of our Making Home Affordable program,” said Treasury Secretary Tim Geithner.  “Putting resources and tools directly in the hands of homeowners will expedite the process of delivering relief to responsible borrowers, and stabilizing the housing market is central to our overall economic recovery.”

Fannie Mae and Freddie Mac have set up web sites and toll-free numbers to help borrowers determine if their existing loan is guaranteed or owned by Fannie Mae or Freddie Mac.

Fannie Mae Info

www.fanniemae.com/homeaffordable

Hotline: (800) 732-6643

Freddie Mac Info

www.freddiemac.com/avoidforeclosure

Hotline: (800) 373-3343