Find out if Obama's mortgage fix helps you

Highlights

• Check mortgage help eligibility.
• When should you pursue a government-backed refinance?
• When should you pursue a mortgage modification?

On March 4, President Barack Obama announced Making Home Affordable, a Treasury initiative charged with helping upward of 9 million homeowners remain in their homes.

The program divides homeowners into three categories -- those in need of a refinance, those in need of a mortgage modification and those beyond government help.

Using the criteria set out by the Treasury, these quizzes aim to help homeowners determine whether they qualify for assistance.

You should pursue a government-backed refinance at today's low rates if:

1. Your home's value is within a few percentage points of the amount of your loan. If you live in an area hit hard by price declines and the value of your home has declined substantially from its purchase price, you may not be eligible for this type of refinance. You can use Bankrate's handy calculator to find out how your home's value stacks up against your mortgage loan.
2. You are current on your loan payments.

Click here to find out if you qualify for refinancing under Making Home Affordable.

If it's clear that you won't qualify for a refinance, you should pursue a mortgage modification if:

1. You're having trouble making your mortgage payments.
2. You've experienced some kind of verifiable hardship -- such as a job loss, rising mortgage payment or an increased expense such as emergency medical care -- that has prevented you from staying current on your payments.
3. Your home is worth less than the amount of your loan, leaving you unable to refinance.

Click here to find out if you qualify for a mortgage modification under Making Home Affordable.