Mortgage

Behind in your Mortgage Payment

There are many federal, state, non-profit and corporate programs to help you during this time.

Before the Call: Prepare

Be ready and organized.
Have ALL your account information
Develop a Budget – know how exactly what you are spending each month. You will be asked about this, so again be ready.
Other information you may need:monthly mortgage statement, Pay stubs or other proof of your monthly pre-tax income, current year tax return, other loan/credit statements and Account balances and minimum monthly payments on credit cards and all other loans and debts.

The Call: Be Clear and Concise

Explain clearly and concisely the issue you are facing. Loss or reduction in income? Medical emergency? No need to share all the details, a general overview is fine.
Don’t be surprised if you are asked to prove this claim – this is standard and you should have proof available and/or obtainable to send.

After the Call: Follow-up

This will NOT happen in one call – there will be many. Be prepared to follow a thorough process.
Follow-up quickly and completely with all required forms and documentations.

Are you behind on your monthly bills, including your mortgage payment? If so, you’re not alone – and help is available. Resources include:

If you can’t afford your mortgage payment and it’s time for you to transition to more affordable housing, the Home Affordable Foreclosure Alternatives (HAFA) program is designed for you. HAFA provides two options for transitioning out of your mortgage: a short sale or a Deed-in-Lieu (DIL) of foreclosure. In a short sale, the mortgage company lets you sell your house for an amount that falls “short” of the amount you still owe. In a DIL, the mortgage company lets you give the title back, transferring ownership back to them.

If you’re not behind on your mortgage payments but have been unable to get traditional refinancing because the value of your home has declined, you may be eligible to refinance through MHA’s Home Affordable Refinance Program (HARP). HARP is designed to help you get a new, more affordable, more stable mortgage. HARP refinance loans require a loan application and underwriting process, and refinance fees will apply.

FHA, VA and USDA all offer mortgage modification programs for struggling homeowners designed to lower monthly mortgage payment to no more than 31 percent of the homeowner’s verified monthly gross (pre-tax) income — making monthly mortgage payments much more affordable. If you have a loan that is insured or guaranteed by the Federal Housing Administration (FHA), you may be eligible for a program offered through that government agency. For information on FHA and participating servicers, call FHA’s National Servicing Center at (877) 622-8525.

The Department of Defense (DOD) is proud to offer the Homeowners Assistance Program (HAP) to eligible service members and federal civilian, including non-appropriated fund, employees. The program is authorized by law, and administered by the US Army Corps of Engineers (USACE) to assist eligible homeowners who face financial loss when selling their primary residence homes in areas where real estate values have declined because of a base closure or realignment announcement.

While protecting the United States during the war on terrorism, some servicemen and servicewomen may face difficulty in meeting certain financial obligations at home, such as rent or mortgage payments, if they are activated for military duty. HUD has taken steps to ensure that service members protecting our country do not suffer the added burden of worrying about the loss of a home.

Some of the most common forms of relief.

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