A new Web site, MakingHomeAffordable.gov, has been launched by the Department of Treasury and HUD, to educate homeowners and borrowers about the new loan program. The Making Home Affordable loan program, announced in February, will offer loan modifications and refinancing to 7-9 million eligible homeowners.

The Web site offers features for homeowners to:

• Determine eligibility for the program;
• Calculate their specific mortgage reduction under the program;
• Find a HUD-approved counselor;
• Contact a mortgage servicer; and
• Utilize other foreclosure-related resources in print, audio and video formats.

According to the first monthly Servicer Performance Report, the Making Home Affordable loan modification program has covered 85 percent of loans in the United States since its inception in Spring 2009. Other statistics include:

• Thirty-eight loan servicers have signed up to participate in the program;
• More than 400,000 loan modification offers extended; and
• More than 230,000 trial modifications initiated.