Help with your mortgage is just a click awayEveryday Tips, May 2009 Are you a homeowner who could use help with your mortgage payments? Then you may want to visit a new website with resources that have been made available to address the rising number of foreclosures. Through this website, you can find information about the federal mortgage modification and refinancing program. You can also access self-assessment tools and calculators to help you determine whether you might be eligible for assistance. Through the website, www.makinghomeaffordable.gov, borrowers can:
• connect with free counseling resources to help with outstanding questions;
• locate homeowner events in their communities;
• find a handy checklist of key documents and materials to have ready when making that important call to their servicer;
• and browse FAQs from borrowers in similar circumstances. The government program offers two major components. One is a refinancing program for current mortgages guaranteed by Fannie Mae and Freddie Mac for homes that have declined in value. The second is a mortgage modification program for those who can no longer afford their mortgages. This program helps reduce payments by sharing the cost between the government and lenders. If you need additional assistance or information, the website can connect you with a HUD-approved housing counselor that will talk to you about your situation and help you decide what mortgage options are best for you. A counselor will explain what documents you will need to provide to your mortgage company and may be able to contact the mortgage company on your behalf. If you are delinquent on your loan payments and need immediate assistance, call 1-888-995-HOPE (4673). |
