You don't need to watch the nightly news to know that the hard times have paralyzed the American economy. A new depression will appear every minute of every working day. You will endure this consequence, extend every dollar to meet your bills, and strive to struggle to survive from salary to salary. You don't need the Bureau of Labor Statistics to tell you the numbers of the previous month because you contributed to this tragic and terrible statistic. You don't need more facts, figures and false presidential encouragement; you need specific, sensible advice on what to do and what to do. What you are most concerned with so far is: Keep your home where you and your wife work, struggle and save.
· You know you are about to miss the mortgage payment. You want to run and hide. You want to pretend you have no problem. You imagine that Aunt Sophie will give you a million dollars. However, you must do something courageous and correct: Contact your lender and make an appointment to review the family's financial status. Due to your full disclosure, the situation will not get worse and may improve. Your lender knows federally funded and subsidized housing loan refinancing plans. He knows that other privately funded plans will either reduce and fix your interest rates or arrange your loans based on the actual value of your home. If your home loan problem is the most serious of many financial problems, your lender can recommend legal credit counselors and expert financial planners to you.
· Or you missed a month's mortgage payment Don't panic or start packing your lover. Instead, contact the local Housing and Urban Development Office as they administer the federal government's home loan modification program. With specially trained and experienced personnel, your HUD representative will make you meet the requirements of the plan and he can initiate your application. Your HUD representative will assist you with each step of the qualifying and funding process, and he will mediate your negotiation with the lender. Only 10% of eligible families take advantage of this special opportunity; among the few who make the most of it,
Orignal From: Home Mortgage Loan Modification - Taking Timely Action
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