Relief for homeowners is still a major topic at kitchen tables, coffee shops and government offices. While people continue to look for a bail out like big corporations and Wall Street bankers received, millions of homeowners continue to scrape for enough money, information and hope to stay a little longer in their homes until things turn around. Here's the top 5 questions our website visitors asked us this month.
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Here's help for that problem. Note: The questions have been edited for brevity and clarity.
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1. Is There Any Relief For Homeowners Whose In Danger of Foreclosure?
The Hope for Homeowners program or (H4H) provides a way for borrowers to refinance to a more affordable mortgage. This program is in effect until September 30, 2011. Under this program the new mortgage amount is 90% or more of the homes appraised value. This program is voluntary, meaning both the lender and borrower must agree to the program requirements. In cases where more than one mortgage is on the property all mortgage holders must agree to release the liens on the property.
Here's The Basic Qualifications:
1. The mortgage was originated on or before January 1, 2008.
2. You've made six payments.
3. Your debt-to-income ratio of at least 31%.
4. Prove you can't afford the loan you have now.
5. It's your primary residence.
To get more information on this program call 1-888-995-HOPE or contact current lender.
2. How Do I Pick The Best Mortgage In This Risky Climate?
The least risky type mortgage in this turbulent market is the fixed rate mortgage. Most consumer protection agencies suggest this class of mortgage because the interest rate stays the same throughout the term of the loan. Therefore you always know how much to budget for each month. Other mortgages are considered riskier.
For example, the adjustable rate, variable rate and interest only, etc. With these type of loans the borrower never knows how much they're payment will be after it adjust. Although most have a cap or limit on the amount, it's still considered risky, especially in an economic downturn.
Talk to a qualified H.U.D Housing counselor about the various kinds of loans available before shopping for a mortgage loan.
3. What Should I Do If I Fall Behind on My Mortgage Payments?
The first thing to do is to contact your lender. Contrary to popular belief lenders don't want your home. And because there are so many unsold and vacant homes on the market, most lenders will bend over backwards to help you stay in your home.
In addition, there are not only U.S Government programs that can help, but also state and even county programs to assist you in most areas. The key is to start asking, your lender, your local H.U.D office and your local county and city housing affairs office.
4. Is Any Home Improvement Grants Available From The Federal Government Now?
Many city and counties offer programs to assist people in fixing up their homes. For example, grants are available to make you home more energy efficient by installing weather stripping, energy efficient windows, water heaters and more.
Other grants are available to improve the cosmetic appearance of the home such as landscaping, painting, driveway improvement and roofing, etc. Contact your local city or county housing office for more information. Although H.U.D is the Federal sponsor of these programs your local county and city government approves the grants at the local level.
5. How Long Do I Have Before I Have To Move Out Of My Home?
Once you become 90 days past due the Mortgage Company will typically issue a NOD (notice of Default). After you receive this notice they will hire an attorney and begin the Foreclosure with the Court system. The foreclosure must follow a strict procedure laid out by your state laws.
Even after your home is in foreclosure you may still legally remain in your home. Most foreclosures can take anywhere from as little as 3 months up to a year. Although some cases the process has even taken up to 2 years.
Many foreclosure prevention experts suggest staying in the home until the Sheriffs sale completion. This gives you time to save money for a fresh start after you move. Many lenders are offering to pay homeowners in foreclosure to move, provided they leave the property in broom clean condition. Contact your lender to see if they offer this program called "Cash For Keys"
Homeowners 5 Most Frequently Asked Questions For January 2011
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Nov 27, 2011 02:43:15
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