If you are a homeowner in financial trouble and facing the prospect of losing your home, there are several options available for you.
If you need urgent help, immediately contact the Homeowner’s HOPE™ Hotline: (888) 995-HOPE. Homeowner's HOPE™ is a counseling service provided by the Homeownership Preservation Foundation that can work with you to help prevent a foreclosure. It is an independent nonprofit organization that provides HUD-approved counselors dedicated to helping homeowners. The help they offer is free.
With the global economy in recession, there are many homeowners that are in financial trouble. But there is hope. Through the United States Government’s Making Home Affordable Program funds are available for up to 9 million homeowners to refinance or modify their loans to a payment that may be more affordable. There are two elements to this government program - Home Affordable Refinance Program and Home Affordable Modifications Program.
Through the Home Affordable Refinance Program, Fannie Mae and Freddie Mac will allow the refinancing of mortgage loans that they own or that they placed in mortgage backed securities.
Home Affordable Modifications program offers help to borrowers who are struggling to keep their loans current or who are already behind on their mortgage payments even if the loan is not owned or securitized by Fannie Mae or Freddie Mac.
More information available here.
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