The Importance Of Mortgage Assistance To Troubled American Homeowners
Article by Angie Andrews
The economic crisis has left so many Americans unemployed and homeless. This is not surprising since our housing industry and employment opportunities depend entirely on the economy. Bad economy would result to unemployment and foreclosures. Today, you can see American homeowners trying to cope with recession and foreclosure; living paycheck by paycheck; and looking for a more stable job that can help them pay off their debts. It is difficult to save homes especially when you are 90 days behind your mortgage payment; the only way you can prevent foreclosure is by getting your loan modified. Not all homeowners can obtain loan modification especially when unemployed. Lenders are only willing to negotiate if you are able to pay their required down payment. If you do not have a stable source of income, your lender will most probably prefer closing down your home. That is why mortgage assistance is very important.
You may obtain mortgage assistance from the government. The Obama administration has created several programs to help homeowners get a loan modification. They even provide financial subsidies to troubled homeowners especially in the average to low income groups. When you are in the brink of losing your home, do not hesitate to visit the HUD office near you and seek for mortgage help.
However, obtaining mortgage assistance will never assure permanent foreclosure prevention. You still need to pay off the modified mortgage religiously in order to keep your house away from banks or lenders. Most importantly, you also have to get rid of personal debts. The U. S. Department of Treasury reported that Americans have significantly huge personal debts. If these debts get out of control, it can sabotage your future finances which leads to default mortgage and ultimately, foreclosure.
With the rising unemployment rate and the increasing number of foreclosure filings in the country, you need to obtain mortgage assistance fast. The government cannot reach out to every troubled homeowner in the state; the only way to acquire help in time is by acting fast. Apply for any federal loan modification program available in your state; your monthly mortgage payment may reduce for up to 25% or more. If you need credit counseling or debt management seminar, visit the HUD office for free foreclosure or debt education.
About the Author
Angie Andrews assists homeowners in trouble on her blog that specifically addresses loan modification . Take control of your own finances, discover options to modify your loan and save your home. There are government sponsored options available and you can get all the information you badly need in Allmand and Lee Loan Modification Blog.
The blog is Angela