In the midst of all economic mess, they have finally stepped up to help responsible homeowners continue to be able to afford their mortgage payments.
Most homeowners pay their mortgages and pay them on time. But there are circumstances, often beyond our control, that make it difficult to continue to make those payments.
- The current economic difficulties have led to lost jobs and lower incomes for many Americans.
- The drop in values of most homes has made it impossible for many people to refinance their mortgage at a lower, more affordable interest rate.
- Some have been caught in the "increasing interest rate" TRAP of adjustable loans.
More information about exactly what help is available and who is eligible for this assistance can be found at makingHomeAffordable.gov
There are two basic categories of homeowners that may qualify:
1. Those who don't have enough equity to refinance.
2. Homeowners who need a loan modification to be able to afford the payments.
At the website, you'll find free help and many FAQ's, Scams to watch out for, and a hotline contact number: (888) 995-HOPE
I recommend utilizing all the information and education you can! Knowledge is always power!