Get help with mortgage and prevent a foreclosure.

Mortgage Help From Banks

• Mortgage forbearance programs are offered by numerous lenders, including Bank of America, JP Morgan, Citibank, and Wells Fargo. Forbearance allows borrowers a temporary suspension of their monthly mortgage payments. Learn more on mortgage forbearance.
   
• Associated Bank is offering a mortgage assistance program that will help the unemployed stay in their homes by modifying their monthly mortgage payment for up to 12 months. More.
   
• Bank of America Foreclosure Prevention - From January 2008 thru December 2009, BOA has modified over 600,000 mortgages. Bank of America offers homeowners several foreclosure and mortgage assistance programs, including modifications, principal reduction and other resources. Read more on Bank of America foreclosure programs.
   
• Citigroup will be providing mortgage help and assistance for up to 500,000 homeowners to stop foreclosures and to help homeowners stay in their homes. They will also provide additional mortgage assistance to the unemployed. Read more on unemployed mortgage assistance.
   
• Countrywide / Bank of America have announced a program to help 400,000 homeowners pay their mortgage and keep them in their homes. More.
  In addition, Countrywide will be spending billions of dollars to modify mortgages as a result of a lawsuit they settled.
   
• Fifth Third Bank offers the You Have Options mortgage and foreclosure assistance plan. It provides struggling homeowners a refinancing or loan modification option that will give them needed relief on their mortgage. Learn more.
   
• JP Morgan Chase / Washington Mutual have announced a $70 billion plan to help 400,000 homeowners. Read more JP Morgan mortgage help.
  
  Also, JP Morgan Chase has opened dozens of Homeownership Centers across the country to help facilitate mortgage assistance and provide face to face contact for troubled borrowers.
  
  Find out more about additional programs and options now being offered by JP Morgan Chase. The programs are providing homeowners several additional options for mortgage and foreclosure assistance. They also want to prevent foreclosures. Read mortgage assistance from JP Morgan.
   
• Marshall & Ilsley (M&I) bank offers a foreclosure moratorium to provide homeowners time to resolve mortgage issues, and also provides a Homeowner Assistance Program. Read more.
   
• Regions Bank has helped thousands of homeowners avoid foreclosure through a program called the Customer Assistance Program. More.
   
• Wachovia / Golden West/ Wells Fargo are helping up to 250,000 homeowners refinance and pay their mortgages. Continue with Mortgage help from Wachovia.
   
• Wells Fargo Loan Modification Program - They offer two plans for homeowners. They include  ProjectLifeline that delays the foreclosure process, and also the Fast-Trac solution for adjustable rate mortgages. These two mortgage and foreclosure assistance programs from Wells Fargo have helped thousands of homeowners. More.
  
  -In addition to the loan modification programs mentioned above, Wells Fargo has other options and programs that struggling homeowners can use to get help with paying their mortgage. Find additional Wells Fargo mortgage assistance programs.

 

 

Organizations That Provide Mortgage Help

• Receive mortgage and foreclosure counseling from The Alliance for Stabilizing our Communities (ASC). The organization was created from a partnership from the National Urban League (NUL), the National Coalition of Asian Pacific American Community Development (National CAPACD) and the National Council of La Raza (NCLR). Click here to learn more.
   
• The Cherokee Nation offers resources and guidance to assist homeowners and help them prevent a home foreclosure. Continue.
   
• Many Community Action Agencies have programs and resources that homeowners can take advantage of. While they primarily focus on providing counseling, some of the community action agencies can provide cash grants, mediation services, and other tools to help a homeowner prevent or stop a foreclosure filing. Learn more foreclosure counseling from community action agencies.
   
• There are thousands of non-profit housing counseling agencies that are certified by the U.S. Department of Housing and Urban Development (HUD). Counselors will work with homeowners to help them prevent a foreclosure or get back on track with paying their mortgage. Get more details on HUD housing counseling agencies.
   
• The NID-Housing Counseling Agency (NID-HCA) is a non-profit, HUD approved agency that assists homeowners with addressing financial situations including defaults and foreclosure, predatory lending, credit repair, referrals, foreclosure counseling, and other services. Their services are mostly free, and their goal is to help people stay in their homes. More on NID Housing Counseling agency.
   
• Mortgage and foreclosure assistance from the NeighborWorks America. They can provide help from the National Foreclosure Mitigation Counseling. More.
   
• Neighborhood Assistance Corporation of America operates from over 40 offices across the nation and offers struggling homeowners numerous options to get mortgage help or prevent a foreclosure. Find more details on mortgage programs from Neighborhood Assistance Corp.
   
• Save the Dream Tour: The NACA also has a venue to facilitate mortgage modifications. The Save the Dream Tour has tens of thousands of homeowners participating at each event, and thousands who attend have their mortgage restructured the same day. They can have their interest rates lowered to as low as 2%, or their principal reduced. More on the Save the Dream Tour.
   
• Union Plus provides mortgage assistance to union and organized labor members. Short and long term assistance can be provided to people who are struggling with their mortgage and housing expenses. Read.

 

 

Federal Government Mortgage Assistance

• Fannie Mae and Freddie Mac, which are now owned by the federal government, are providing mortgage help to over 600,000 homeowners. More.
  
  Freddie Mac has opened Borrower Help Centers in several cities around the country. The centers will provide people with mortgage assistance, loan modifications, overall debt counseling, and other resources to deal with mortgage and financial problems. Click here to learn more.
  
  The Borrower Help Network has also been launched by Freddie Mac. This is yet another resource for homeowners to use if they need mortgage or foreclosure assistance. Read more on the Freddie Mac Borrower Centers.
   
• The federal government’s Making Home Affordable program is working with various banks and lenders to ensure that they provide millions of homeowners with loan modifications and other programs as a way to ensure they get relief from their mortgage payments. Click here.
  
  If you are one of the millions of homeowners whose mortgage balance exceeds the current property value of your home, otherwise known as underwater, the federal government Home Affordable Refinance Program (HARP) or the Home Affordable Modification Program (HAMP) mortgage assistance program may help.
   
• Many private and government grants can also be used to help pay your mortgage. While you do need to apply for grants, they can be another option to consider.
   
• Learn about a federal government program, Hope for Homeowners, that is offered through the Federal Housing Authority (FHA), that will help hundreds of thousands of homeowners pay or refinance their mortgages (including subprime). Help may even be available if the value of your home has significantly declined. More Hope for Homeowners.
   
• The Hope for Homeowners program has been expanded. Families can now receive aid on a second mortgage. Banks and lenders have been provided further incentive to participate in the Hope for Homeowners program.
   
• Military Homeowners Assistance Program (HAP) provides assistance to military service members and their families who are facing housing issues. More on Military Homeowners Assistance.
  
  The Service members Civil Relief Act prevents a home foreclosure and will lower the interest rate on a home mortgage for military members. Click here.
   
• Another multi-billion dollar government assistance program, the Neighborhood Stabilization Program, has been created to provide states and homeowners with even more mortgage help. Continue.
   
• The FHA also greatly encourages that you explore all loan workout solutions with your lender. More.
  
  Another program offered by the Federal Housing Administration is the FHA Home Affordable Modification Program (FHA-HAMP). This helps homeowners before they fall behind on their payments. Information on mortgage delinquency programs from FHA.
   
• Find information on the Home Affordable Foreclosure Alternatives (HAFA) program, which is the new federal government short sale program. This is a plan created by the Obama administration that provides financial incentives to both homeowners and lenders, and also simplifies the process. Find more on the short sale program.
   
• Free government foreclosure counseling - Grants are provided to over 900 law offices across the country as part of a federal government legal assistance program. While many services are offered by these attorneys to income qualified clients, one of them is free foreclosure assistance. More.

Mortgage help for the unemployed

• Unemployed homeowners can receive mortgage help from the federal government Home Affordable Unemployment Program. This program can reduce their monthly mortgage payments for up to 6 months. Read more on the unemployment mortgage program.
   
• Another program offered to assist individuals with mortgage payments if they had a reduction in income, either from job loss, a reduction in hours, unemployment, or a medical emergency is the HUD Emergency Homeowners Loan Program.
   
• The Hardest Hit Fund was created to provide additional options to residents of those states that have the highest unemployment rates, most significant job losses, and that have bit hit hardest by the nation’s housing crisis. Click here to read more.
   
• People who have experienced a reduction in income from a job loss or less hours at work can also explore a loan modification. The site Home Foreclosure Fighter will put you in contact with specialists who may be able to offer you a mortgage modification. There is no cost to request proposals, so nothing to lose.
  

  Behind On Mortgage? Get Free Proposals For a Loan Modification.

   

 

Options for Mortgage Help and Foreclosure Prevention

There are numerous mortgage delinquency solutions and programs that you and your lender can review. When it comes down to it, the solution to a foreclosure or mortgage problem will need to depend upon what you can afford to pay. This will be based upon, among other things, your income and expenses, what other assets and resources you have, the amount you are behind on your mortgage payments, what type of loan you have, and more. First, understand the foreclosure process, and then explore some of options that can provide you with mortgage help and that can help you stop a foreclosure. They include:

• Short sale can be an alternative to foreclosure, and it will allow you to sell your home for less than the current outstanding mortgage balance. Learn more on mortgage short sales.
   
• Modify your mortgage loan. Loan modification can reduce your payments, waive fees, and more. Continue. More lenders are also offering loan modifications with interest rates as low as 2%. They have determined this is in their best financial interest as well. Learn more on low interest rate loan modifications.
   
• Mortgage principal reductions are becoming more common. The latest data shows that banks and lenders are forgiven, deferring or reducing the principal on about 15% of home mortgages. Find more information on mortgage loan principal reduction programs from banks.
   
• Short pay refinance is when the mortgage lender or lender will agree to reduce or discount your loan balance. This should be considered when the homeowner is facing an economic or financial hardship. A short pay refinance is when the home is refinanced with a new lender.
   
• Many banks and lenders are now offering Mortgage Forbearance agreements and programs. These agreements will either reduce or suspend the borrowers monthly payments.
   
• A deed in lieu of foreclosure is when a homeowner gives the lender back the convey and deeds the home back to the lender. This has several advantages for both the lender and the borrower, including less of an impact to credit scores, and it releases the homeowner from the debt they owe.
   
• Declare bankruptcy to stop the foreclosure process and possibly keep your home. Learn more.
   
• Do not vacate your home if you receive a foreclosure notice. Stay put in your home to delay the process. Continue.

 

Steps To Take Yourself To Help With Your Mortgage

there are several steps that homeowners can take on their own to deal with a delinquency mortgage payment or impending foreclosure. (Mortgage counselors can also help you with no cost mortgage options.)

• Know your mortgage. Review the document, understand the terms, and your rights and obligation.
   
• What do do if you are behind on your mortgage payments. A series of steps can be taken.
   
• Be sure to communicate. Contact your mortgage servicer to ask them about assistance they offer, such as mortgage modifications, fee waivers, budgeting, and credit or foreclosure counseling.
   
• Consider giving up your home without foreclosure. Learn the pros and cons and the process.
   
• Get needed help from mortgage, housing, and credit counseling. These professionals will work directly with your lenders or banks on your behalf. Be sure to avoid the scam artists.
   
• Learn about the types of mortgages you can refinance into, such as adjustable and fixed home loans.
   
• Bankruptcy can help save your home from foreclosure in a few ways. More on the bankruptcy process, implications to your credit and outstanding mortgage, and how it may be able to help.
   
• Find the phone numbers of mortgage servicers that can provide help. Contact them to see what programs they offer.
   
• Attorneys say that just by staying put in your home can delay the foreclosure process for months. You can even continue to live in your home during the court process, and it may even stop the foreclosure filing altogether. Read more.

 

The last thing any homeowner wants is to face the stress of being behind on their mortgage payment, or worse yet, to think about, and possibly lose the family home to foreclosure or unpaid property taxes. No one ever plans to or expects to lose their home to foreclosure, but by understanding how you can obtain help with mortgage payments, who and how to ask for help, and what to do, you can reduce your chances of this occurring. You should also know the foreclosure process and what may lead up to it. That will place you in a better position to address and also recognize any potential problems that may impact your ability to pay every bill and make every mortgage payment on time.

 

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