Financial Advice

Struggling to Make your Mortgage Payments?

If you’re behind on your mortgage payments or worried about how you’ll make the next one, help may be available. But you have to act fast. December 30, 2016 is the last day to apply for assistance under many federal Making Home Affordable programs, which were created to help homeowners struggling with their mortgage payments. Picture of a mortgage statement, a small calculator, and a pen.

The biggest of these programs, the Home Affordable Modification Program (HAMP), may help you lower your monthly mortgage payments. Other programs can offer options if home ownership is no longer affordable or desirable for you, you’re unemployed, or you owe more on your mortgage than your home is worth.

The programs are designed to meet homeowners’ different needs and financial situations. For example, you may be eligible for a HAMP mortgage modification if you meet these five requirements:

  • You’re struggling to make your mortgage payments because of financial hardship.
  • You’re behind or in danger of falling behind on your mortgage.
  • You got your mortgage on or before January 1, 2009.
  • Your property has not been condemned.
  • You owe less than $729,750 on your primary residence or rental property.

Remember — you don’t need to be in default to be eligible.

The deadline for applying is just weeks away. Free, HUD-approved housing counselors are available at 888-995-HOPE (4673) 24 hours a day, 7 days a week to help you understand available options, discuss the documents you’ll need, prepare your application, and work with your mortgage company. Visit www.makinghomeaffordable.gov for more information.

If you need help with your mortgage, now is the time to act! Call 888-995-HOPE (4673) today.

This article by the FTC was distributed by the Personal Finance Syndication Network.

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