Government help with mortgage payments?
by Mortgage Rates on Thursday, October 7th, 2010 | 3 Comments
-
Mortgage Info
-
Updates
-
Useful Links
-
-
Tags
2010 About article Auctions bank banks best Business buyers change Credit Debt Equity Financial First fixed Foreclosure From good Government Help Home house Housing interest Loan Loans Market more Mortgage Mortgages Need News options qualify Rate Rates refi refinance Refinancing should this Time variable would-
Meta
There is help BUT only to the extent that you can actually afford the house. Assuming your hubby is full-time, you can only reasonable afford less than $600 per month. The governments programs are NOT going to reduce your payment by half. Since you are WELL short of the 31% threshold, you cannot reasonable afford your home. Sorry
There is NO help with your mortgage. You need to discuss this with your lender and try to convert to a fixed mortgage.
Odds are you will lose your home
There may be help for you. Disregard the previous answers – they have no way of knowing your mortgage balance or interest rate you are being charged. Without that information, it’s impossible to know if you qualify for a loan modification or forbearance.
Your first stop for help is the federal government website Making Home Affordable. That lists the various options you might qualify for.
Also, if your loan was originated by Countrywide, you may be qualified for relief due to a settlement made between several states’ Attorneys General and Bank of America, who took over Countrywide Lending. Visit your states’ Attorney General’s Office website and see if your state is part of the settlement.
Finally, go to the National Foundation for Credit Counseling website and find a referral to a local consumer credit counseling agency. They are paid by the federal government to assist homeowners like yourself in securing mortgage loan modifications. They have direct lines to the right people at the various mortgage loan servicers, which means they can expedite your request, saving precious time and hopefully your home.
Good luck!