Each day I receive several phone calls from homeowners facing the loss of their home.  They want to know what to do.  They read/hear the news about all of the "bailouts" the government is involved in.  You may have heard about several programs to help you, the homeowner.  It is true, lenders are trying to help homeowners.  

Here are the nuts and bolts of what is available for you.  This list isn't necessarily exhaustive, but it will help you get started. 

First; the Home for Homeowners program being promoted by FHA.  This is a voluntary program on behalf of the investor.  It is a bit involved.  So, here is a direct link to the FHA website: http://portal.hud.gov/portal/page?pageid=73,7601299&_dad=portal&_schema=PORTAL
go there, read about it and then call me with any questions you may have.

The other program, the Loan Modification, is different.  In this scenario the lender may agree to lower the mortgage amount to the current market value, or they may elect to lower the interest rate, or both.  The homeowner must meet some basic requirements to be considered.  They must demonstrate a "hardship" that makes it difficult to make the present payment, or a payment that is going to go up.  They must also furnish, among other items, a financial statement, Federal Tax returns, current paystubs, and the home must be your primary residence.  The State of California has passed legislation requiring lenders to modify existing loans if the homeowner meets the basic requirements.  Contact your lender. 

Finally, if I, or any member of our staff, can assist you please call us.

Hal Ballew, Broker
HomeLoans Inc. is proud to recommend HomePros Real Estate Services.