Keeping Your Home:                Another Good Resource For Avoiding Foreclosure


What Mortgage Assistance Programs are available?

Understanding your options can get confusing. If you are searching online for help you may find websites promoting loan modification, refinance and even government assistance programs. The truth is there are several government backed mortgage assistance programs. There are also many non government programs and legal solutions available. Your situation and needs as a homeowner are going to dictate what is best for you.

What we do?

We provide consulting for homeowners looking for a honest solution to their mortgage problems. We explore different options and try to identify any available programs in your area. We do not provide mortgage assistance directly and we are not affiliated with the government. We simply make an attempt to match you with the program or solution that may be able to help you the best. We recommend you take time during your evaluation to collect the facts, do your research and determine what action is best for you and your family.

Possible Alternatives to Foreclosure

- Loan Modification
- Forbearance Agreement
- Repayment Plan
- Deed in Lieu of Foreclosure
- Refinancing
- Short Sale

What is a Loan Modification?

A loan modification is when your mortgage note / loan is modified without refinancing. This may include a monthly payment reduction, a lower fixed rate and even a principal balance reduction which is common for homeowners with negative equity.

What is a Short Sale?

A short sale on a house is selling it for less than what is owed on the house. The sales price will be short of the mortgage balance.

What is a Deed-in-Lieu of Foreclosure?

In most cases if a home fails to be sold during a short sale the lender may consider a deed-in-lieu of foreclosure. A deed-in-lieu of foreclosure will allow the homeowner to transfer ownership of the property to the lender. The lender will sell the home and receive a portion or all of the balance you owe on the mortgage note.

What is a Forbearance Agreement?

A forbearance agreement is an agreement between a borrower and the lender that will allow the homeowner to make up missed mortgage payments. If you are late on your mortgage because of a temporary situation then a forbearance agreement may provide relief. If your trouble extends past a temporary situation then a forbearance agreement may just act as a band aid for a larger problem.

What option is best for you?

After completing our short form below our consultant we will connect you with mortgage assistance programs serving your area. Based on your situation you may qualify for a principal balance reduction, a lower rate and / or a lower monthly mortgage payment. Not everyone qualifies. Qualification is based on many factors. Mortgage assistance consultants in our network may help get you approved and guide you in the right direction.

Why can't I just refinance my mortgage?

You may qualify for a refinance. If you think you are a good candidate for a refinance then contact your lender. Lenders and the government have made every attempt to create programs for homeowners needing to refinance with bad credit or negative equity. The issue is that some banks are not participating in programs established by the government and many homeowners just do not qualify due to income issues.

On the other hand some good news was announced on 10-24-2011 on MSNBC.com

"A leading housing regulator on Monday announced changes to a government refinancing program that could help up to one million homeowners of the estimated 11 million whose homes are worth less than their mortgage.

The Federal Housing Finance Agency, which oversees mortgage finance sources Fannie Mae and Freddie Mac, said it was easing the terms of the two-year-old Home Affordable Refinance Program, which helps borrowers who have been making mortgage payments on time but have not been able to refinance as home values have dropped.

To help underwater borrowers, or those whose loans are worth more than their homes, FHFA said it will scrap a cap that prohibits any homeowners whose mortgage exceeds 125 percent of the property’s value from participating in HARP, which is targeted at loans backed by Fannie Mae and Freddie Mac."

If you are a homeowner in need of a solution that may lower your payment, rate & put you back on track then contact us today. Learn about every option available to you as a homeowner before programs expire.

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