As you well know, the state of the economy is not in a desirable place right now. With a poor economy and a debt and real estate bubble a housing crash was inevitable. This is certainly the current state of affairs. The government, in an attempt to help thousands of struggling homeowners in the country, has created a loan modification program to help prevent more foreclosures from occurring. Hope can be a rare commodity during tough economic times, but this form of mortgage help is certainly bringing hope to homeowners who are given the power to keep fighting to stay in their homes.
The current government administration is not ignorant to the rate of foreclosures and the fact that it is at its highest point ever. The plan named Tarp II has been put into effect, a plan with a $ 75 billion budget set as to go toward assisting those in foreclosure trouble. The first people that this mortgage help plan will assist are people who have regularly made mortgage payments but have had to watch the value of their home drop either simply due to the poor housing market or other foreclosures in the area. Requirements for this kind of assistance state that your home value can not drop below the amount you still owe on the home. If you property value is dropping, now is the time to act, before it is too late. The definition of "regular mortgage payments" is that you have not fallen behind on payments for the last 12 months or longer.
The Affordable Refinance program is in place to help people refinance their homes even if they do not have enough equity built up to do so under regular circumstances. Of course, there are requirements to qualify and your loan must be authorized by either Fannie Mae or Freddie Mac. If the requirements previously listed exclude you from receiving this form of mortgage help from the Tarp II program, you will want to look into a mortgage modification plan.
Restrictions apply with a mortgage modification help plan as well. The first is that your home can not be worth more than $ 729,750. Also, your struggles to pay must be current affairs. Last, the original loan you signed should be from January 1, 2009 or earlier. If these specifics disqualify you from receiving help, there are still options! You can find out more about these plans as well as other mortgage help options today by visiting one of the many quality online mortgage sites available today.