Home Mortgage Assistance Program Could Help You Keep Your Home

monopoly housesForeclosure has become the ‘norm’ for many homeowners who purchased their new homes during the great big housing bubble. In some cases refinancing your mortgage was an option, but others are still struggling and considering the foreclosure process.

Equifax has taken the initiative of covering foreclosure scams, but also provided a list of several government resources that could help those who are in foreclosure process, or looking into it.

Making Home Affordable (MHA) is a government backed program that could help homeowners keep their homes rather than forcing them to foreclose on it. Here are just a few possible solutions.

  • The Home Affordable Refinance Program may help you refinance your underwater mortgage based on the current value so long as your loan is owned by Freddie Mac or Fannie Mae.
  • The Home Affordable Modification Program could help you if you’re struggling to pay your mortgage each month. If your payments are more than 31% of your income you might be eligible.
  • The Home Affordable Unemployment Program could help you reduce your payments if you’re unemployed; the program may even help you have your payments suspended for a year.
  • The Principal Reduction Alternative is for those who are upside down on their loans and have a home that is worth much less than what you’re paying for it.

If you’re having issues with your bank HelpWithMyBank.gov is another government resource that can actually help you make complaints against your bank including anything regarding mortgage loans. For more MHA programs visit makinghomeaffordable.gov.



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