Dealing with Foreclosure

Dealing with Foreclosure – Making Home Affordable Program

The U.S. Department of Housing and Urban Development (HUD) is a U.S. government agency that works to increase home ownership, supports homebuyers, and offers government help for homeowners.  HUD offers free or low cost foreclosure prevention counseling throughout the country.

To find out more information about any of the programs listed below you can visit the HUD website:  www.hud.gov or call toll free:  1-800-225-5342.

Home Affordable Refinance Program – This may help you qualify to refinance your mortgage and take advantage of lower rates.  It is an option if you are current on your loan but are having trouble refinancing because the market value of your home is lower than the total you owe on it.  Your mortgage cannot exceed 105% of your home’s value.  This program is handled through your lender.  Gather your documents before you call – pay stubs, bank statements, and your tax returns.

HOPE for Homeowners Program – This program will refinance mortgages for borrowers who are having difficulty making their payments and are at risk of foreclosure but can afford a new loan insured by HUD’S Federal Housing Administration.

Home Affordable Unemployment Program – This program is designed to help homeowners who are unemployed.  If you are currently unemployed and struggling to make your mortgage payments, you may qualify for a period of at least three months of suspended payments while you look for new employment.

Home Affordable Modification Program – If you qualify you may be able to restructure your mortgage payments to make them more affordable.  Your home must be your primary residence and the mortgage must have been taken out before 1/1/09.  Your payment (including taxes and insurance) must be more than 31% of your current gross monthly income.  You must be experiencing a financial hardship.   This government program was developed to help homeowners avoid foreclosure.

FHA Home Affordable Modification Program – for those who have an FHA-insured home loan.  This program may be able to arrange a more affordable mortgage payment.

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