President Obama asked to take action required for recovering the housing market by supporting the liable homeowners who are trapped by high-interest rate mortgages and falling home values. The fact is that the government alone is not able to fix the housing market. Moreover, the President believes that the liable homeowners should not wait for the market to go down to get relief. Now, there are several methods available that can help homeowners to save hundreds of dollars each year by refinancing at current low-interest rates.
Federal Government Mortgage Assistance Programs
The Federal government owned Fannie Mae and Freddie Mac are offering mortgage rates Rochester NY help to hundreds of thousands of homeowners from a few different programs. They are the major mortgage service providers that are issued by several banks and many people take their help regarding mortgage issues.
Freddie Mac has opened Borrower Help Centers in many cities throughout the country. The centers will help you by providing direct access to housing specialists. Moreover, you can consult a counselor regarding mortgage rates Rochester NY assistance including overall debt counseling, loan modification, other resources dealing with a felonious mortgage and other financial problems.
Freddie Mac also launched Borrower Help Network. You can take the help of this network regarding foreclosure assistance. Here, the specialist will help to solve your problem with personal attention.
There is another organization, The Streamlined Modification Initiative, also offering help in partnership with the Federal Housing Finance Agency (FHFA). This home loan modification program will offer you a lower rate of interest or extension of the repayment terms. Moreover, you do not have to show any proof of income.
Making Home Affordable Program of Federal government is working with several banks and lenders, and offer thousands of homeowner's loan modification. In many cases, the government is subsidizing the fees and rate of interest reduction.
If you are a homeowner whose mortgage balance exceeds the current property value of your home then Federal government is offering three options for you.
The Home Affordable Refinance Program (HARP) that allows you to refinance into a more affordable loan.

• The Home Affordable Modification Program (HAMP) that offers you a lower monthly payment rate and increase your loan payment time.



• In addition to the above program, Federal government has created a new and updated version of the Home Affordable Modification Program (HAMP). The new version will allow a large number of homeowners to apply for mortgage rates Rochester NY assistance that includes reductions of principal or loan modification with a lower rate of interest.