Homeowners hoping to take advantage of the federal Making Home Affordable program should look carefully before they sign up. Factors that can make it harder to participate in the program include:

• second mortgages or private mortgage insurance
• loans not backed by Fannie Mae or Freddie Mac
• lenders with out-of-date systems that can't work with the new program

And don't forget to check the cost of refinancing -- will it be worth the lower interest rates?

Read more in The Virginian-Pilot....