A key plan opportunity for borrowers is to refinance their first mortgage loans owned by Fannie Mae and Freddie Mac. The HAS plan now makes it possible for qualified borrowers to refinance their loan using the "Home Affordable Refinance" program if they are current on their mortgage payments. Through September 20, qualified borrowers may refinance their existing Fannie Mae or Freddie Mac loan using this program if they owe between 80% and 105% of the value of their home.

Beginning September 21, the maximum will increase from 105% to 125%. This means a person who owns a home valued at $200,000 may be able to refinance their Fannie Mae or Freddie Mac loan even if they owe as much as $250,000 on their first mortgage. Approximately 45 percent of first mortgages serviced by Partners are currently owned by Fannie Mae or Freddie Mac. To determine if your Partners loan is owned by Fannie Mae or Freddie Mac, you may use the links provided below by these organizations.

Fannie Mae: http://loanlookup.fanniemae.com/loanlookup/
Freddie Mac: https://ww3.freddiemac.com/corporate/

If you believe you may qualify and would like to apply for a refinance, please contact a Home Mortgage Advisor at 800.948.6677, option 2. To estimate the value of your home, we recommend visiting www.zillow.com.

Members who are currently working with Partners Loan Loss Mitigation team on their mortgage loan should continue working through this channel. Members in distress with their Partners serviced first mortgage or home equity loan/line of credit, but not working with the Loss Mitigation team should contact 800.948.6677 option 5,
Monday - Friday from 8:00am to 8:00pm ET.

For more information, the United States Treasury Department has provided a website for consumers and financial institutions regarding the plan.

www.financialstability.gov

A questions and answers summary for borrowers is available here.

Homeowner Affordability and Stability Plan: Q&A for Borrowers (PDF)