Whether you’re in foreclosure, in receipt of a late notice, or just under-water on your mortgage there’s probably a Federal Government program to help you.
Some Good News
As we approach the fifth (5th) anniversary of the Great Recession we’re seeing some positive economic indicators. Unemployment is trending lower, major stock indices are at record highs, and the U.S. Dollar is strengthening.
More Bad News
The housing market continues to bounce along the bottom however, mainly due to a persistently high foreclosure rate. After peaking in September the national foreclosure rate was 4.15% in February. Housing market analysts Reality Trac forecast a further 25% increase in foreclosures this year; up from 804,000 in 2011 to 1 million. Core Logic reports that 6 million homeowners are currently behind on their mortgage and 11 million are under-water.
The Obama Administration is currently offering a multitude of programs to improve the housing market. Under the Making Home Affordable (MHA) banner it seems like there’s an ocean of money propping up lenders and encouraging them to assist borrowers. Most MHA programs are designed to help homeowners by reducing mortgage payments and keeping them current on their obligations and out of the foreclosure pipeline.
Take a look at the available MHA programs and see if there’s one that can help you. If you’re entitled then it’s probably a good idea to take that money off the table and put your resources to more productive use, depending on your situation.
Contact the MHA hotline today and see if you qualify for mortgage help: 888-995-HOPE (4673)