Mark Cheng's Blog: Pasadena Real Estate

Making Home Affordable is a new plan to help keep homeowners in their homes. One really great part of the plan includes a new refinance option for homeowners who are trying and keep their homes.

A lot of ideas surround helping homeowners who are in default or already close to foreclosure. Some loan modifications and short sales even require that homeowners be delinquent on their mortgage payments before being eligible and by this time it can be already too late to keep an owner in their home.

The difference in this plan is that it targets responsible homeowners who have paid their mortgages on time for the past 12 months. By doing that, it targets homeowners who aren't yet in trouble, making it more likely for a home to be saved. It also gives homeowners…