Resources for Homeowners Facing Foreclosure
U.S. DEPARTMENT OF THE TREASURY
President Obama's "Making Home Affordable" Plan
- Making Home Affordable Website
- Detailed Program Description
- Borrower Q & A
- Making Home Affordable Second Lien Program
- Payment Reduction Estimator
Fannie Mae "Home Affordable Refinance" and "Home Affordable Modification"
Freddie Mac "Relief Refinance Mortgage" and "Home Affordable Modification Program"
U.S Department of Housing and Urban Development
HOPE NOW Borrower Assistance Form
Federal Deposit Insurance Corporation
Federal Reserve Board
Federal Trade Commission
- Facts for Consumers - Foreclosure Rescue Scams
- Have You Been Scammed? File a complaint with the FTC
- FTC Video File - Real People, Real Stories; Avoid Foreclosure Rescue Scams Video
File Your Taxes For Free
Annual Credit Report - get yours today!
Foreclosure Prevention at the State Level
- State of California Consumer Home Mortgage Information
- State of California Department of Real Estate-Loan Modification Services
- Florida Housing Information
- Arizona Department of Housing
- Nevada Foreclosure Help
- Illinois Department of Human Services
- Michigan State Housing Development Authority
- Ohio State Foreclosure Prevention Resource
- Texas Foreclosure Prevention Task Force
- Georgia Department of Community Affairs
- Virginia Department of Housing and Community Development Foreclosure Prevention Task Force
Other useful sites
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Loan Modification Options
If you can no longer afford to make your monthly loan payments, you may qualify for a loan modification to make your monthly mortgage payment more affordable. There are several reasons why your payments may be hard to afford. Perhaps your interest rate has increased or you have lost a job or have less income. Maybe you are experiencing a hardship that has increased your expenses, like medical bills. Even if you have already missed one or more payments, you may still be eligible.
Many homeowners are struggling to make their monthly mortgage payments perhaps because their interest rate has increased or they have less income. A Home Affordable Modification will provide them with mortgage payments they can afford. Lets walk through the steps to see if you are eligible for this option.
1. Is your home your primary residence?
2. Is the amount you owe on your first mortgage equal to or less than $729,750?
3. Are you having trouble paying your mortgage? For example, have you had a significant increase in your mortgage payment OR reduction in your income since you got your current loan OR have you suffered a hardship that has increased your expenses, like medical bills, divorce or increase in other expenses.
4. Did you get your current mortgage before January 1, 2009?
5. Is your payment on your first mortgage more than 31% of your gross income. When figuring this out, be sure to include principal and interest, taxes insurance and any homeowners fees for the property. You may need to use a calculator to figure this out, but this is the rule of thumb that mortgage servicers are using to determine eligibility. You may qualify for the Home Affordable Modification if you answered yes to all the five basic questions. So, you still live in the house, your having trouble affording these mortgage payments, and your loan was originated before 2009 and is less than $729,750.
The next step is to gather the information you will need to provide to your mortgage servicer. Generally, its best to gather this information before you call the mortgage servicer – this will reduce your frustration and the amount of time you spend on this process overall. After you have the information put together, you should call your mortgage servicer and ask to be considered for a Home Affordable Modification. The number is on your monthly mortgage bill or coupon book.
Call 888-995-HOPE to get help reviewing this option.
