For Homeowners In Trouble, you do have options

By mark-slade March 2, 2011

For Homeowners In Trouble

  If you are having trouble making your mortgage payments, the very first thing you should do is contact your lender/loan servicer to discuss your situation and options. The federal government also sponsors several programs that could support your efforts to avoid foreclosure. Briefly:

  • Home Affordable Refinance Program (HARP): For borrowers paid up on loans backed by Fannie Mae or Freddie Mac and who have mortgage balances no higher than 25% above home’s value.
  • Home Affordable Modification Program (HAMP): For struggling borrowers with loans under $729,000.
  • Second Lien Modification Program (2MP): To help homeowners modify second mortgages when their first mortgage is modified under HAMP.
  • Home Affordable Foreclosure Alternatives (HAFA) Program: Helps homeowners who cannot afford to keep their home find alternatives to foreclosure.

For more information online:

Or call the Hope Now Hotline: (888) 995-HOPE. Time is of the essence in all cases when you find it difficult to keep up on your mortgage payments. Do not delay finding out if you qualify for any of these program