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  • An Americans Guide to the 2013 Government Mortgage Assistance Payments and Help Programs


     If you are Late on your mortgage, there may be a program that can help you keep your home. See if you qualify for the U.S. Loan Modification Plan now, If you are late on your mortgage please Fill out the Form Below.

    The recession has caused the government to pass a lot of spending bills in this year of 2010. The intent of the bills is to help people who own homes avoid foreclosure. If you’re a homeowner, you should know about the government programs that will assist you with your mortgage.

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    The government programs were announced in February of 2009 and are part of the Homeowner Affordability and Stability Plan. This plan is complicated and can be difficult to understand. The reason is because there has been a lot of press conference, there are many programs that sound the same, and there are a lot of cryptic acronyms.

    To help you make sense of it all, we have put together this helpful article which will explain the mortgage assistance programs. You can see if you’re eligible for these programs by clicking on the links in this articl. We’ll begin by providing you some background information.


    whitehouse-obamaWill the government mortgage help plan stabilize the housing market Obama has some new sweeping government mortgage initiatives that will assist new home buyers and help those whose mortgages are more than they can currently bear financially. The broad spectrum hopeful fix will use money from the government to help subsidize the rates and assure that the lenders don’t fall prey to the falling prices of homes.


    The plan, about 75 billion dollars worth, has several facets and will allegedly assist about 9 million borrowers who are suffering from the falling prices of homes and monthly payments that are astronomical in nature. The foreclosure fix is a steep departure from that of the Bush era politics which relied for the most part on having the lender modify their rates for mortgages that were in trouble. Obama’s plan, it is said will make it easier for the home owner to afford their monthly payment by refinancing the mortgage,as well as putting in billions of federal dollars into tempting those companies to modify the loads of the people who have already stopped their mortgage payments nationwide. IT is being said the program, while voluntary in nature, contains a mingling of both carrot and stick, temptations for the loan servicers and investors, as well as offering a big stick on the guise of working with Congress to permit judges to modify the mortgages of those who do fall behind before the borrower has lost their home. This is a step that the community believes is a good step toward assisting home owners financially to keep their equity in their home, but is not well received by the financial community.


    Obama, in a speech in Mesa Arizona, a community which has been quite hard hit by the financial and mortgage issue. . . “In the end, all of us are paying a price for this home mortgage crisis,” Obama said. “And all of us will pay an even steeper price if we allow this crisis to deepen — a crisis which is unraveling homeownership, the middle class, and the American Dream itself. But if we act boldly and swiftly to arrest this downward spiral, every American will benefit.” The act, which is being hailed by Democrats could conceivably reduce the numbers of people who are losing their homes, but with strict limitations, could also be problematic. The Republican party however decries the cost of the bailout, saying it will cut into the pocket of every man woman and child in America.

    Obama Administration Rescues Homeowners

    old-workers-job-searchWith bills piling up and wages staying the same or decreasing, homeowners are wondering where to turn.  Thankfully, the Obama administration has come to the rescue with loan modification and refinancing programs.  Lenders and borrowers have new incentives as Obama races to stall the flood of foreclosures.

    To determine if you are eligible, you can go to their website, MakingHomeAffordable.gov, which asks you a few questions.  The goal of the Obama administration is to help 7 to 9 million people reduce their mortgages and save their homes from threat of foreclosure.  The two main programs are the Home Affordable Refinance Program and Home Affordable Modification Program.

    The Home Affordable Refinance Program provides assistance to up to 4 to 5 million homeowners which are owned by Fannie Mae or Freddie Mac.  It allows them the chance to refinance their homes to bring down the cost of their monthly payments.   It can also help by changing the homeowner from a risky adjustable rate mortgage to a more stable one.

    The Home Affordable Modification Program has set aside $75 billion with the intention of helping millions of Americans avoid foreclosure.  A borrower participating in this program will find plenty of incentives to keep payments current.  For example, a borrower can get up to $1,000 pay-for-performance, which goes directly towards paying the principal of the loan.

    However, as helpful as the MakingHomeAffordable.gov site is for seeing if you are eligible for one of the programs, qualifying for a loan modification is too complex to be written into any one software system, so you should discuss options with a professional.  A mortgage servicer or a housing counselor can provide assistance even if the website declares you are not eligible for assistance.

    If your mortgage is owned by Fannie Mae or Freddie Mac, you can make use of the portion of the site which walks you through a series of questions to see if you qualify for refinancing.  Payments on your mortgage must be up to date to take advantage of refinancing.    If you’re not sure if your mortgage is owned by Fannie Mae or Freddie Mac, use the site to find out.

    To get the maximum benefit, be sure to double-check required fields, such as address and social security.  Remember the saying “garbage in – garbage out”, your results are more accurate if you can provide accurate information.

    Even if the site says you are not eligible for assistance, you can talk to a counselor approved by the Department of Housing and Urban Development.  If you are already behind on your payments and require help right away, you can reach a counselor by dialing 1-888-995-HOPE (4673).

    The website contains a helpful checklist to go through before contacting a counselor and also contains helpful advice to avoid foreclosure rescue scams.

    Owning your home is part of the American dream.  You have worked hard for your home, don’t give it up without a fight.  You have resources you can use to save your home, so make good use of them.

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