Are you Facing Foreclosure?
by, 10-03-2008 at 12:59 PM (856 Views)
Are you aware if you are currently facing foreclosure that the government has implemented a new program called HOPE for Homeowners? This program is designed to keep you and your family IN your home and prevent you from losing it to foreclosure.
In order to be eligible, you must meet the following guidelines:
• The home is your primary residence, and you have no ownership interest in any other residential property, such as second homes.
• Your existing mortgage was originated on or before January 1, 2008 and you have made at least six payments.
• You are not able to pay your existing mortgage without help.
• As of March 2008, your total monthly mortgage payments due were more than 31 percent of your gross monthly income.
• You certify that you have not been convicted of fraud in the past 10 years, intentionally defaulted on debts; and did not knowingly or willingly provide material false information to obtain existing mortgage(s).
This program is not a refinance, but instead replaces all of the current mortgages on your home.
This program became effective October 1, 2008 and will cease to be available September 30, 2011.
Additional information on this Government Program is available here:
HOPE for Homeowners
In addition, if you are facing money issues that may lead to foreclosure on your home, you should take immediate action.
Contact your Lender the moment you realize you have a problem making payments. You don't have to be embarrassed to admit that you're struggling, you are NOT alone!
While in the past lenders may have jumped on the foreclosure bandwagon rather rapidly, in this economy they are usually quite willing to help you make adjustments in your payments or interest rates.
Foreclosure is expensive for investors, lenders and mortgage insurers.
Chances are, you will need to have several conversations with your lender to get these issues resolved and may need to provide pay stubs, or benefit statements, (such as social security, disability, unemployment, public assistance, etc).
Keep good records of each and every phone call and conversation, jot down the time of the call, the person you spoke with, the department they are in, the phone number and direct extension, and be sure to jot down a few notes regarding your conversation. It is much easier to get somewhere if you have clear records of all your calls and requests.