Are you one of millions of single parents struggling to get your mortgage paid on time? This current economic crisis has hit all of us single dads (fathers) as well as other Americans really hard. There are some avenues you can follow to get some mortgage financial help but, expect to put in some time, effort, and energy plus a lot of research to find out what will fit best for your current financial situation. The will be a quick overview of some of the most popular options to get you started.
-Homeowner Affordability and Stability Plan:
This program can offer two areas of mortgage financial help for single parents or anyone who is in way too deep with their current mortgage. This program was started by the Obama Administration and was launched in March of 2009. This program will allow you to refinance the balance that you owe on your current mortgage. One thing of note, if your current loan is owned by either Freddie Mae or Freddie Mac would be of benefit.
Don’t give up if your loan is not owned by either mentioned in the above paragraph. There are other mortgage companies that can still qualify for the Loan Modification Program. What this allows is for you to lower your current mortgage payments for up to five years. That way it will allow you to get your head financially above water and allow you to get everything in order that may have been a little out of control. Understand that at the end of the five years that your payments would go back to their original amount but, it does allow you some time to breathe a little.
- HOPE NOW:
This is an organization that tries to bring together lenders, banks, homeowners, and others whom are interested in keeping single dads (fathers) in their homes. When anyone defaults on their mortgage, no one wins. HopeNow will serve as a facilitator between those who owe the money and those to whom the money is owed. This will probably not be your final solution but, it is a step forward rather than a step backward.
Something that may be shocking to you is one source that could be very helpful is the company that insures your current mortgage. If you happen to have your home foreclosed on you, they won’t get any of their premiums from you and ultimately could lose more money on your property than what you ever had paid into the home. It is in their best interest to prevent this from happening. Therefore, they sometimes have counseling services and other types of options for single parents who can’t make their payments for their homes.
Never disregard any letter you may receive in the mail concerning your mortgage. This is one of the best ways to prevent any problems with your mortgage. There have been occasions where people have lost their homes simply, because they threw away a letter or they failed to respond to a request from their lender. Simple tips like these can help you on your way to financial help.