If you’ve got a money question, I can answer it! All you have to go here and enter your question. Here’s a recent question that I thought you all might find interesting.
Question: How many programs for home owners facing foreclosure are there under the Obama Administration that provide a refinance or loan modification?
Answer: My recommendation is that anyone who is late with their mortgage payments should contact a local HUD approved housing counseling agency and speak with a Foreclosure Avoidance Counselor. Foreclosure prevention counseling services are provided free of charge by nonprofit housing counseling agencies working in partnership with the Federal Government. Click here to locate a housing counseling agency in your area.
The Obama Administration is responsible for two programs – all under the same name, Making Home Affordable. The two programs are Home Affordable Refinance Plan (HARP) and Home Affordable Modification Plan (HAMP). Outside of the Obama plan are a myriad of plans and programs to help distressed homeowners stay in their homes and avoid foreclosure. Some are better than others. But they are more accessible/successful than Obama’s plan.
If you need help understanding the Making Home Affordable programs, you can find a counseling agency in your area that will provide you with free foreclosure prevention services. If you are eligible for the loan modification or refinance program, the counselor will work with you to compile an intake package for your servicer.
Also, don’t forget to check out all the great foreclosure related resources on the Believe website!
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