Help With Your Mortgage

Many people don't realize the amount of help out there available to assist homeowners in these financially difficult times. Even if you are not immediately at risk of foreclosure, there are many options for consumers facing income reduction, for whatever the reason. Launched in 2009, the federal government created the Making Home Affordable Program (HAMP) to assist families.
Elements of the Program:
1.  The Home Affordable Modification Program:  This program is for homeowners who are at risk of defaulting or have already missed a payment. Eligible homeowners have the opportunity to modify their mortgages to make them more affordable.
2.  The Home Affordable Refinance Program:  This program gives homeowners with loans owned or guaranteed by Fannie Mae or Freddie Mac an opportunity to refinance to lower monthly payments.
3.  Foreclosure Alternative Program: Provides alternatives for homeowners who can no longer afford their home and want to avoid foreclosure through a short sale or deed-in-lieu of foreclosure.
I encourage everyone to take advantage of the programs out there. You can find more info at www.MakingHomeAffordable.gov, www.hud.gov, www.nw.org, and www.illinoislegalaid.org. These websites have loads of information and phone numbers for help.