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how do i qualify for mortgage relief

Do you qualify for mortgage relief?

Mark this date- December 15th .  If you are struggling to make your mortgage payment and are possibly facing foreclosure, then you will want to know that on this date you may be eligible for government-sponsored mortgage relief. Beginning on December 15th, Fannie Mae and Freddie Mac, the huge, government-controlled mortgage underwriters, will sponsor various kinds of relief to homeowners at risk of foreclosure.

Not everyone is eligible for assistance though- all participants must meet certain predetermined criteria.  For example, you may qualify for mortgage relief if…

  • You are more than three months behind on your mortgage payments.
  • You owe the bank at least 90% of what your home is worth.
  • You live in the home as your primary residence.
  • Not to be in bankruptcy.
  • You can prove that you’re not just trying to skip out on the loan.

So, you know you qualify… what kind of relief is available?  At this time banks could agree to lower your interest rate or extend the life of the loan in order to lower monthly payments and make the mortgage more affordable.  While this probably won’t fix the housing crisis, it may help your shrinking wallet.

For information on getting more help please visit HUD’s Guide To Avoiding Foreclosure .

This entry was posted on Wednesday, November 12th, 2008 at 12:02 pm and is filed under Consumer Information. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response. or trackback from your own site.

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