Reprinted with Permission from Towne & Country, Realtors:
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Homeowner's HOPE Hotline: 888-995-HOPE
If you are behind on your mortgage payments- or having great difficulty making them- it is important to take steps before your lender takes legal action.
If you have tried speaking with your lender and don’t feel that you are being heard, or if you don’t know who to speak with because your loan is not serviced locally, there are people who can help.
Making Home Affordable is a great government site that has tons of helpful information about home loan refinancing and modification. If you are having trouble making payments on your primary home, the amount of the first mortgage is less than $729,750, your home was mortgaged before 1/1/2009, and the mortgage payment is more than 31% of your total gross income, modification may be possible. This means you would have to prove that you were capable of consistently paying a lower payment.
From the site:
SERVICERS HAVE MADE A COMMITMENT TO DELAY FORECLOSURE SALES ON ALL LOANS THAT MEET THE MINIMUM ELIGIBILITY CRITERIA FOR A HOME AFFORDABLE MODIFICATION WHILE AN APPLICATION IS UNDER CONSIDERATION.
If you have already missed one or more mortgage payments – contact your mortgage servicer immediately or call 1-888-995-HOPE (4673) to reach a HUD-approved housing counselor.A HUD-approved housing counselor can help you understand your options. This counseling is FREE.
This could be the lifeline that will keep you in your home.
The information on the site is also available in Spanish.
The site also points out things to be aware of when seeking help:
- There is never a fee to get assistance or information about Making Home Affordable from your lender or a HUD-approved housing counselor.
- Beware of any person or organization that asks you to pay a fee in exchange for housing counseling services or modification of a delinquent loan. Do not pay – walk away!
- Beware of anyone who says they can “save” your home if you sign or transfer over the deed to your house. Do not sign over the deed to your property to any organization or individual unless you are working directly with your mortgage company to forgive your debt.
- Never submit your mortgage payments to anyone other than your mortgage company without their approval.
