Finding Mortgage Relief

: Chris Lee Law Firm

  Filed under: Mortgage Modification

mortgage settlement

The last few years has been spent juggling finances and struggling to maintain our debts as the economy has continued to challenge each of us. While some of us have been able to stay afloat, others have not been as lucky and many have succumbed to the foreclosure crisis. However, good things have come from bad events and there has been an increasing imitative to help people find relief from their mortgage debt before it’s too late.

A Lifeboat

Underwater mortgages have become all too common in the current housing market. In fact, it is estimated that nearly 1 in 3 homes are underwater or carrying mortgage debts higher than what the home is worth. For many families, finding help to avoid foreclosure isn’t always easy. Luckily, finding mortgage relief is now easier than ever, you just have to know where to look.

Your lender. Most people fear discussing their financial problems with their lender, assuming the lender will simply foreclose on the home.  Actually, it is quite the opposite.  Your lender is far more likely to work with you to find a solution to your mortgage debt problems if you contact them before missing a payment.

Federal programs. There are several programs now available to help people resolve their mortgage troubles, regardless of where they are in the foreclosure crisis. The Home Affordable Modification Program (HAMP) and Home Affordable Refinance Program (HARP) are just two of the programs designed to help homeowners stay out of foreclosure.

For more information about federal mortgage debt relief programs visit: http://www.makinghomeaffordable.gov/


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