If you're a homeowner concerned about making your mortgage payments, you're not alone. But before making any decisions, understand your options and know how to get the help you need.
The government's Making Home Affordable Program has two solution paths for struggling homeowners. The Home Affordable Refinance Program has been designed to give up to 4 to 5 million homeowners with loans owned or guaranteed by Fannie Mae or Freddie Mac an opportunity to refinance into more affordable monthly payments. The Home Affordable Modification Program commits $75 billion to keep up to 3 to 4 million Americans in their homes by preventing avoidable foreclosures.
Q. How do I find out if I'm eligible for these programs?
A. Call InCharge Housing Counseling at 1-877-712-6040 and speak to a certified housing counselor.
You can also visit MakingHomeAffordable.gov and click on "Eligibility." It is also helpful to know if your loan is owned by one of the two government mortgage programs, Freddie Mac or Fannie Mae. Your mortgage company can tell you, or you can check on your own, either online or by phone:
Fannie Mae
1-800-7FANNIE (8am to 8pm EST)
Fannie Mae Loan Lookup
Freddie Mac
1-800-FREDDIE (8am to 8pm EST)
Freddie Mac Loan Lookup
Q. I'm behind on my mortgage by a couple of months and my lender has started calling asking about the status of my payments? What should I do?
A. Never avoid speaking to your lender. Take their calls, tell them your situation and explain why you are behind in payments. Some financial changes are inevitable, especially when they involve loss of employment, accidents and illness, or other major economic factors. Ask your lender about the above programs to see if you may be eligible for a refinance or a modification.
You can also contact InCharge Debt Solutions Housing Counseling. After learning more about your situation, one of our certified housing counselors can contact your lender on your behalf.
Help is available.
A large percentage of homeowners are in danger of losing his or her home and the ratio is even greater for homeowners who don't realize that help is available—free, unbiased and professional help is just a phone call or click away.
Thanks to U.S. Department of Housing and Urban Development (HUD)-approved housing counseling agencies, including InCharge Debt Solutions, homeowners have an advocate. With the help of a housing counselor, you can learn how to avoid foreclosure, what steps to take when you are facing foreclosure and how to avoid foreclosure scams. A housing counselor can also help you understand the housing terminology, complete the required paperwork, and work with your mortgage lender.
Many of us feel we are alone in our battle to overcome the additional stressors brought on by the mortgage crisis. That's why we want homeowners to know that free, unbiased and professional education and assistance is available. Visit the HUD website for additional information, and if you want to speak with a HUD-certified housing counselor, call InCharge toll-free at 877-251-1882 or click here to visit our website.