Renegotiating Your Mortgage

Saving your home from foreclosure requires quick and persistent action. If you are behind on your mortgage payments don't wait for something to happen, or to change.

You can help yourself and perhaps make the positive change to save your home. But beware of people who call your home offering to help, and who put fliers in your mail box.

We have found that this mortgage crisis is another opportunity for scammers to take advantage of people who are already in financial difficulty. The good news is that there is an increasing effort to try to help homeowners who are facing foreclosure.

FHA HOPE FOR HOMEOWNERS

The federal Department of Housing and Urban Development and its Federal Housing Agency have a new program called Hope for Homeowners. You are eligible for this program if your house is your primary residence, if you have made at least 6 mortgage payments, and can not make the mortgage payments. If your bank will agree to renegotiate the mortgage, and lower the loan, FHA will insure a new 30 year mortgage for up to $550,440.

To contact FHA you can call 1-800-CALL-FHA (225-5342) or use this link to the agency's website . click here

GETTING ASSISTANCE TO RENEGOTIATE

Renegotiating a mortgage with your bank, or the servicing company hired by investors to collect your mortgage payments, is not so easy. You will need professional help. Not-for-profit housing counseling groups offer this service for free. They will do the negotiating for you, and they will not charge a fee. Beware of companies, and individuals who want to charge a fee for this service. You should not have to pay for it.