Obama on the Record: Housing Refinance Roundtable

So we are at a time where people can really take advantage of this. And what we want to do is to send a message that if you are having problems with your mortgage, and even if you’re not and you just want to save some money, you can go to MakingHomeAffordable.gov – MakingHomeAffordable.gov — and the way the web site is designed, you can plug in your information and immediately find out whether or not you are potentially eligible for one of these — one of these mortgage refinancings.

Now, we are in the process of rolling out some additional phases to the program. Everybody here represent responsible homeowners who made their payments, who have jobs and income that support their mortgages. In some cases, people may have had difficulties because they lost a job, somebody in their family got sick, they may have missed some payments — and in those cases we also want to be helpful and we are putting in place a loan modification program, working with banks, working with services, that will allow other folks who are closer to losing their home in a stronger position in the future.

So there are a range of different programs that are available for a range of different types of borrowers. The main message we want to send today is, is that the programs that have been put in place can help responsible folks who have been making their payments, who are not looking for a handout, but this allows them make some changes that will leave money in their pockets and leave them more secure in their homes.

So we hope that everybody takes advantage of it. Again, the web site is MakingHomeAffordable.gov — is that right? MakingHomeAffordable.gov — so get on the web site, find out what’s available.

Last point we want to make — as people have become aware that the government is helping to promote refinancing, we’re starting to see some scam artists out there who are contacting people saying, you can refinance your home, the government has got a program, we’re ready to help — oh, but by the way, first you’ve got to pay some money. I just want everybody who is watching today to know that if somebody is asking you for money up front before they help you with your refinancing, it’s probably a scam.

So take advantage of MakingHomeAffordable.gov and that will allow you to figure out exactly how to proceed on this in a way that’s making you money, saving you money, as opposed to costing you money.

All right. Thank you, everybody.

(Source: White House)

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