The government has just launched a site MakingHomeAffordable.gov to help homeowners who are struggling with their mortgage payments. (March 2009)
If you’d like to refinance but are having trouble because of the current value of your house, there is a Home Affordable Refinance program that will help you determine if you’re eligible to refinance but only if your loan is being held by Fannie Mae or Freddie Mac. If you’re not sure if they’re holding your loan, you can look up your loan at Fannie Mae Loans or Freddie Mac Loans.
If you’re having trouble meeting your mortgage payments because of a loss of income or an increase in your interest rate, the Home Affordable Modification can help you figure out if you might qualify for a loan modification.
The biggest thing to remember if you are having trouble paying your mortgage, is that there is help available. There are many resources. If your mortgage company isn’t being responsive, try HopeNow.com. They can put you in touch with free counselors. If you would like to sell but are concerned that you house isn’t worth as much as you paid for it, we can sit down and see if a short sale might work in your situation.
If you’re having trouble the worst thing you can do is ignore it. Take advantage of the resources out there to help.