• English
  • Español
AGENTS: Did you know you can share a personalized version of this post? Learn more!

Behind on Your Mortgage? This May Help

Need Help? Click the Button.

After receiving an overwhelming response to Friday’s post, I realized two things. First, more people than I thought are willing to admit that they need help with their mortgage payment. Second, there are many people out there who are willing to help. Both realizations were great news to me.

Usually when I post on the House Affordable Modification Program (HAMP), I am talking to the point that the program cannot possibly handle the seven million homes that could potentially face foreclosure this year. In this post I am going to concentrate on the families the program can help.

You can get information by visiting them at http://makinghomeaffordable.gov or calling them at the hotline number which is:

1-888-995-HOPE

Again, even if you are current but are having challenges keeping up with your payments, reach out to them. As the website states:

Millions of borrowers who are current, but having difficulty making their payments and borrowers who have already missed one or more payments may be eligible.

Has the program actually helped families?

As the chart below from the February report from Making Home Affordable Program (MHA) shows, over 1.3 million families have been offered a plan and over 170,000 have been converted to permanent modifications.

If you have fallen behind on your mortgage payments or are having difficulty making your payments, you should contact HAMP immediately.

It Won’t Be Easy

Please realize that because of the number of families needing help, there is a tremendous strain on the program. You may have heard nightmare stories of people who were frustrated with the process. Do not let the difficulties of applying prevent you from making the attempt. Response has gotten better as more and more employees are becoming effective in dealing with the inquiries.

Below is a chart from the MHA call center showing this exact point:

Still the process is not perfect. Patience will be required. But the ramifications of not going through the process could be much more difficult than the effort that will be required to complete the necessary forms and paperwork.

Is My Bank One of Those Participating in the Program?

Here is a list of the banks that are involved as of February 2010:

What does this mean to you?

Homeowners: If you are one of the millions of families that has been devastated by the economy and finding it difficult to keep up with your mortgage payments, a modification through HAMP could be your answer. Contact them and find out!

Real Estate professionals: When you are talking with a homeowner be sensitive to the possibility that they could be having trouble making their mortgage payment. Millions of people are in this situation. If you find out this is the case, sit with them and help them put together the best plan for them and their families.

2 replies

Trackbacks & Pingbacks

  1. […] in the past on where these homeowners can reach out for help to either keep the home through modification, or arrange for a more dignified exit for their family by doing a short sale. I even wrote of my […]

  2. […] in the past on where these homeowners can reach out for help to either keep the home through modification, or arrange for a more dignified exit for their family by doing a short sale. I even wrote of my […]

Leave a Reply

Want to join the discussion?
Feel free to contribute!

Leave a Reply

Your email address will not be published. Required fields are marked *