Many families who never thought it would happen to them are about to lose their homes, despite their best efforts to avoid it. What can you do, if you are one of these homeowners? Help is available, through several programs that seem to have slipped under the radar. Check these out:
FHA Hope for Homeowners
Eligibility: Property must be an owner-occupied residence that is the only property owned by the borrower. Loan must have been originated on or before Jan. 1, 2008.
Borrower is unable to make mortgage payments and has payments that are more than 31% of gross monthly income. Six payments must have been made on the loan.
How to apply: For information, call 800-225-5342 or go to hud.gov. Contact lender to apply. Find local FHA lenders at fhaoutreach.gov/lender/lender.do.
Bank of America/Countrywide
Eligibility: Owner-occupied, one- to four-unit properties, with subprime or pay-option adjustable-rate mortgages originated before Dec. 31, 2007. Borrower must be 60 days or more delinquent, or may become delinquent because of a rate reset. Current loan must be 75% or more of home value.
How to apply: Countrywide will begin contacting eligible borrowers Dec. 1. To contact Countrywide: 800-669-6607 or go to countrywide.com.
Hope Now Alliance
Eligibility: Anyone who is having trouble paying their mortgage.
How to apply: For information, call Hope Now at 888-995-4673 or go to www.hopenow.com
Indymac Federal Bank
Eligibility: Homeowners with mortgages serviced by IndyMac Bank, now IndyMac Federal Bank, that are delinquent at least 60 days or in default. Borrowers must verify their income to modify the loan.
How to apply: IndyMac borrowers call 800-781-7399 or go to www.fdic.gov or www.imb.com.
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