During these uncertain times, it is never easy to accept you may have to leave your home. If you have run into economic hardship and have fallen behind on your mortgage, before you give up, take a look at your options. There are programs out there that may be able to help you before you lose your home.
CHECK WITH YOUR MORTGAGE LENDER
First, check with your mortgage lender, most lenders offer a loan modification program that is based on your income and your pay out. It’s a lot of paperwork, but it can make your home more affordable. Other options you may want to discuss with your mortgage lender would be extending the life of your loan to lower monthly payments. There is a program called 2 Year Fresh Start-this is where you are just paying toward the interest for the 2years, and then your payment adjusts after the 2 years. Another option would be to have your mortgage payments broken down into biweekly or weekly payments.
LOAN MODIFICATION PROGRAMS
There is also the “HOPE” program. The program is designed to help people before going into foreclosure. They offer loan modification programs, how to save money on your mortgage, and how to get lower fixed rates on your loan. To inquire about the options they offer, you can www.hopenow.com.
Another program is through http://www.makinghomeaffordable.gov/. This program allows people to refinance on their homes through the new FHA loan process. This is for people having difficulty paying on their current loans. You can contact this agency at 1-888-995-hope.
A short sale is another option that is for sellers who owe more than what there house is worth. By working with your lender, you may be able to sell your home below the market value, and the mortgage lender would agree that upon sale, your mortgage would be paid off.
The options above are just a few ideas before you are going to lose your home. If you must face the reality of having to leave, have a plan.
Take a look at rental homes. Even if you have poor credit, renters do understand the economy. Some will work with you if you are honest and upfront with your situation.
You may have to move quickly, so storage may have to be an option until you find your new home. Make sure to check out all of your different options available to you for storage.
If you cannot find affordable movers within your budget, remember moving yourself is not always the way to save money. www.emovingstorage.com has many helpful tips and articles so you can be more prepared with packing, truck rentals, storage, and moving options that can save you time and money.
DON’T WAIT TILL THE LAST MINUTE:
If your home has gone into foreclosure, do not wait till the last minute to move, plan ahead, you do not want the sheriff’s office at your home moving your stuff for you.
CASH FOR KEYS:
Cash For Keys is one of the programs being offered by lenders for people who have gone into foreclosure, with this program you can get some extra money from the lender for agreeing to leave your home in good condition. You may want to check with your mortgage lender if you do end up in this situation, this can help get you some cash for a down payment, or to assist in hiring movers to move your belongings safely. This in turn can help the banks by getting the tenants to move out in a timely fashion, and can help the tenant by getting some extra cash.
Whatever your needs may be, there are options out there that might be able to make these tough times a little bit easier for you.
Some other agencies that may be able to help are:www.HUD.gov/recovery U.S. Department of Housing an Urban Development 451 7th Street SW Washington, D.C. 20410 202-708-1112 Find the closest HUD to you www.advantagemitigation.com 646 South Main Street #411 Cedar City, Utah 84720-3466 1-800-580-5351