Sending Out An S.O.S.
The federal government has launched a new website with online tools that will allow a homeowner to determine if they are eligible to participate in the "Making Home Affordable" loan modification and refinancing program.
The site is http://makinghomeaffordable.gov and shares information about how this program works and who is eligible for assistance. This is the same $75 billion program you may have heard of recently in the media.
Before visiting the site you should gather:
- Information about your first mortgage, such as your monthly mortgage statement.
- Information about any second mortgage or home equity line of credit on the house.
- Account balances and minimum monthly payments due on all of your credit cards.
- Account balances and monthly payments on all your other debts such as student loans and car loans.
- Your most recent income tax return.
- Information about your savings and other assets
- Information about the monthly gross (before tax) income of your household, including recent pay stubs if you receive them or documentation of income you receive from other sources.
- It may also be helpful to have: A letter describing any circumstances that caused your income to be reduced or expenses to be increased (job loss, divorce, illness, etc.) if applicable.
Understand that, in this current market, our intention is to help homeowners stay in their homes whenever possible. However...in many cases even with this program...circumstances might prevent that from being possible.
If you need help or would like to learn more about avoiding foreclosure - give us a call here at (404) 270-9374