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Glossary of Terms

Mortgage Refinancing Programs to Avoid Foreclosure

What is mortgage refinancing?

What are the benefits of mortgage refinancing?

How do I apply for mortgage refinancing?


NOTE: Glossary words are highlighted. Click on any glossary word to see its definition.

What is mortgage refinancing?

Mortgage refinancing allows homeowners to replace their current house loans with new lower cost loans. Special mortgage refinancing programs help homeowners who are at risk of foreclosure.


What are the benefits of mortgage refinancing?

When you refinance your mortgage with a foreclosure prevention refinancing program:

  • You pay off your current unaffordable house loan
  • You get a new loan with lower monthly payments that are within your budget
  • You get to keep your house


How do I apply for mortgage refinancing?

Massachusetts residents who cannot afford their existing mortgage loans can apply for the following mortgage refinancing programs. Each program has its own eligibility requirements and application procedure:

Home Affordable Refinance Program Home Affordable Refinance is a federal government program that makes it possible for homeowners with little or no equity in their homes to refinance their mortgage loans at lower rates to save money. It is a temporary program, scheduled to end in June 2010.

Home Affordable Refinancing allows homeowners who lost equity when their homes dropped in value to take advantage of the current low interest rates. The program is for homeowners with satisfactory credit who have been making their loan payments on time. Under the program, homeowners can refinance to a 30-year or 15-year fixed rate loan at market interest rates.

For details about Home Affordable Refinance, including eligibility, benefits, and how to apply, see Making Home Affordable Refinance Program.

HOPE for Homeowners
(H4H)
HOPE for Homeowners (H4H) is a federal refinance program to help homeowners at risk of foreclosure. H4H allows homeowners to refinance their unaffordable loans into 30- or 40-year fixed rate loans with lower payments. New loans are insured by the Federal Housing Administration (FHA). The program is in effect from October 1, 2008 to September 30, 2011.

You may be eligible for H4H refinancing if:

  • Your current loan originated on or before January 1, 2008
  • Your current loan payments are more than 31% of your gross monthly income
  • You live in the house and do not own any other real estate
  • You did not lie on the application for the loan you are refinancing (for example, overstating your income)
  • You cannot afford your current loan and did not default on the loan on purpose
  • You have not been convicted of fraud within the past ten years

The new loan is limited to 96.5% of the current appraised value of your house, but not more than you can afford. If your current lender does not agree to accept the buyout amount, you cannot refinance with H4H. If you have a second mortgage or equity loan, those lenders must also agree to the refinancing.

If you are able to refinance with H4H, you must pay for the FHA insurance. If you sell or refinance the house, you must share some of the profits with the federal government.

To apply for HOPE for Homeowners refinancing, you can call:

Web site: HOPE for Homeowners and Facts for Consumers about HOPE

Neighborhood Assistance Corporation of America (NACA)
Refinance Program
NACA is a national non-profit advocacy and homeownership organization. NACA's Refinance Program offers new loans to eligible homeowners with unaffordable mortgages. NACA's Home Save program gives counseling and financial assistance to eligible homeowners who are at risk of foreclosure. All services are free.

NACA's Information and Refinancing Services line: 1-888-302-NACA
Web site: NACA Home; NACA Office Search

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