Government program may reduce your house payment.

POSTED: Thursday, October 1, 2009 - 9:17am

UPDATED: Thursday, February 25, 2010 - 12:34pm

Want to cut your house payment?

There's a government program that will reduce your Fannie May and Freddie Mac payments to 31% of your income. According to Forbes, here's what you have to do to qualify. Go to their websites and type in the information requested to see if they hold your loan. Figure out how much of your gross monthly income is taken up by your payment and apply if you qualify. If you fit your bank's sweet spot for modifications, they may take action but a large savings account may disqualify you and lots of credit card debt as well.

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