Many people have been wondering what, if any, help is available to them as they struggle to make their mortgage payments. Here is the governments most recent attempt at assisting struggling homeowners – the current administration just recently launched Making Home Affordable to provide information on programs for refinancing or loan modification.
So what does it boil down to? If you haven’t missed a payment yet and you still have a job, you may be able to refinance even if you owe an amount equal too or close to your homes value. Already missed a payment or too far upside down for a refinance? You may still be able to get a loan modification.
Of course, there are also some more traditional solutions still available to homeowners, such as a short sale, if the current government programs don’t apply or make sense in your situation. No matter where you live, if you need assistance please contact me. If you’re outside the Colorado Springs vicinity, I would be happy to refer you to a Realtor in your area that is specifically trained in assisting struggling homeowners.