Aug 012011

Mortgage relief programs are providing much needed assitance due to the crisis in the housing market that has seen record numbers of foreclosures and homeowners who find that they are underwater on their home loan. These programs, however, are not always easy to obtain or even to understand.

Finding the appropriate program for mortgage assistance, or even a loan modification or mortgage relief plan is a daunting task, however, as a spate of programs have been introduced in the past year, some of which have expired and others of which are nearly impossible to qualify. The homeowner who attempts to dig out from a financial hole, caused by the failing economy and falling home prices needs to examine all of the options available, whether they are Federal Mortgage Relief programs, state loan assistant plans, HARP Loan Refinance Program, the HAFA program or some other government assistance.

Finding a Mortgage Relief Program

It hasn’t been too long since there were new mortgage assistant plans and loan modification programs coming out of Washington on a monthly basis.  These programs each had official sounding acronyms like HARP, PRA, HAFA, HAMP,etc., each designed to rescue floundering homeowners, prop up the nation’s real estate problem and re-energize the nation’s economy. For the most part, these programs have been a failure and have only reached a small portion of their intended target.

The Obama Refinance Program, as reported by the FHFA, still has programs available for homeowners looking for assistance.  It’s still possible to find information on programs that can lower your payments, lower your rates or get help if you are unemployed or have a home that has fallen in value.

It’s imperative that you understand all of the options that are still available.  Many banks and lending institutions have departments set up to lead you through their loan modification programs, mortgage relief plans or refinancing options. Make sure you talk with someone who is well-versed on all the programs that are still an option including the HAMP, HARP and FHA refinance for borrowers with negative equity.

Be Sociable, Share!