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    The premier state organization providing mortgage assistance in Delaware is the Delaware State Housing Authority. The Organization was established in 1968 and was later incorporated into the Community Affairs Department in 1970, and the Delaware Economic Development Office in 1987. Finally, it was incorporated in 1998.

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    In 1968 the DSHA started with a working budget of $100,000. Those initial assets have since grown to $500 million, mainly thanks to the issuing of tax-exempt revenue bonds.


    Making Home Affordable Act Eligibility and You

    March of 2010 saw an expansion of the Making Home Affordable Act, the Federal Housing Administration’s refinance program, which will give responsible homeowners the chance to remain in their homes despite financial hardships and duress.

    The Treasury Department and HUD, the Department of Housing and Urban Development, created these expansions to allow homeowners a chance to renegotiate their mortgages despite being upside down in their mortgage, a term used to mean owing more on the house than the property is worth.  These owners can now qualify for a reduced rate FHA loan.


    Regardless of which loan modification program you choose to apply for, there is one document you will need to read and understand well: your mortgage statement. Unfortunately, most mortgage providers do not make an effort to make this documents particularly reader-friendly. They invariable use terms and expressions which you will probably never hear unless you are in the mortgage business. However, loan modification applications require borrowers to provide information they can only find in their mortgage statement.

    This article will describe the typical sections and terms used in mortgage statements. Although there are many mortgage servicers and they all use slightly different formats in their mortgage statements, they are similar enough for a general summary to be useful regardless of which mortgage servicer you are dealing with.

    Mortgage Servicer Contact Information

    This is found at the top right of the statement. It includes the company’s address, name, phone number and in some cases it will even specify the loan officer who processed your loan. This information is important because this is the address you will need to send loan modification application.

    Loan Number

    Mortgage servicing companies have thousands of clients. It may sound harsh but for them you are just a number, whatever their adverts say. You need your loan number as a reference so your mortgage servicer can identify you and your loan modification application. This number is usually at the top right of the statement, directly below or above the mortgage servicer’s contact details.

    Interest Rate

    You cannot know if a mortgage modification is a good deal for you unless you know what rate you are paying now. It is surprising how many homeowners do not know what their current interest rate is, even though this rate is the main factor—together with your mortgage balance—that determines the cost of your mortgage payments. The interest rate of your mortgage will be in the Summary section of your statement.

    Taxes Paid

    One of the quickest ways of losing your home is to stop paying property taxes. Your mortgage statement provides you with the total amount paid toward property tax for the year and how much is left in the escrow account to cover these expenses. More on what an escrow account is below. You can usually find the total taxes paid and the balance of your escrow account in the Summary section below the interest rate and the interest paid to date totals.

    Total Monthly Payment

    Government mortgage aid programs focus on the affordability of a loan modification and how much better off a borrower will be after the modification. These is mostly determined by the total monthly payment you have before and after the mortgage modification. The total monthly payment includes all types of payments related to the mortgage, such as insurance, taxes and interest as well as the payment of the mortgage principal. This figure is usually the last line on the Summary section of the statement.


    Borrowers can choose to send money every month to a special account as part of their monthly payment. This account is used to pay for additional expenses related to the mortgage, such as taxes and insurance. Mortgage statements include the monthly amount sent to the escrow account as an item in the “Activity since your last statement” section, which is usually at the bottom of the page below the Summary section.

    Hawai Mortgage Help

    The Department of Hawaiian Homelands DHHL accepts applicants who wish to participate in programs which help those who qualify for aid that is Native Hawaiian Families who have an income of 80% or less of the HUD local area average. They must also be eligible to live in Hawaii. The applicants who wish to develop programs with the aim of helping in this regard can be local, non-profit or for-profit organizations. The programs can receive funding grants starting at $10,000. The programs can be eligible for funding if they are for Development including making affordable housing available, giving down payment or closing cost loans or direct lending.

    Housing Services which could include payments to prevent foreclosure. Housing Management such as loan processing and managing projects for affordable housing. There are other categories too. The Projects are to help the beneficiaries who meet the requirements over a year or more if necessary and must be related to the DHHL Native Hawaiian Housing Plan objectives. These objectives include making reasonably priced housing available for Hawaiian families of low income.

    To understand the process of home buying and especially of first-time home purchase Homebuyer Education is vital. In Hawaii, those who are not too seriously disadvantaged financially and who can with the help of a counselor go through the necessary steps to property purchase, are directed to Level 1-Basic Management Homebuyer Education. Clients at level one will find that within six months to a year they are prepared to manage a mortgage. They are helped to prepare a plan of action, to develop a budget and shown how to achieve better credit scores. Aid is provided toward debt reduction as well as improving savings and income so that once they are on track with a mortgage the counselor won´t need to do very much to help the client to successfully buy the chosen property. If the client needs longer than a year to be prepared to take on a mortgage then the Level 2 Intensive Case Management Homebuyers Education Program is followed. The counselors will help the client to improve his credit rating and greatly reduce his debt as well as to save money and earn more so that the mortgage loan is a possibility.

    This is the same as in Level 1 but it will take more time to achieve the desired result. Due to the present financial crisis it is increasingly difficult to access credit and to qualify for a mortgage people have to meet quite strict qualifications. For this reason Post Home Ownership Counseling and Lease Cancellation Prevention is very important for those who are for the first time taking steps to buy a house. Counseling is available so that clients can be prepared in advance and ready to deal with financial difficulties such as losing employment, medical expenses or heavy debt. So that they can adapt successfully to the situation and avoid foreclosure service providers will help find different solutions toward financial planning which will go a long way to prevent mortgage foreclosure or lease cancellation. Hawaii is in this way helping Hawaiians become responsible homeowners.

     Wisconsin Mortgage Aid

    The main agency responsible for promoting the financing of housing for low- and moderate- income households in Wisconsin is the Wisconsin Housing and Economic Development Authority, WHEDA. In 2010 alone, WHEDA has assisted in the creation and maintenance of over 1,582 units.

    Key Goals of WHEDA.

    WHEDA liaises between lenders, borrowers, non-profit organizations, community groups and other institutions to improve the mortgage and housing opportunities available to Wisconsin residents. The funding of WHEDA does not come from tax dollars. Income is generated by selling tax-free bonds as investment tools. The profits from the sale of these bonds is then used to stimulate the creation of affordable housing in Wisconsin.

    Housing Grants

    One of the key programs offered by WHEDA focuses on providing assistance to those that need it the most. This includes runaways, homeless persons, people with an alcohol or drug dependency, victims of domestic abuse, low-income families and elderly persons, the mentally-ill, disabled and people who are HIV positive. This program has awarded over $20 million to agencies requesting funds.


    Many first-time buyers cannot afford a home due to the down payment and other initiation costs of home purchase, such as initiation and closing costs. The WHEDA FANNIE MAE Advantage program is designed to help low-income first-time buyers to buy a home with as little as $1,000 as down payment. If you are are a Wisconsin resident and are eligible for a WHEDA FANNIE MAE Advantage, the cost of buying your new home will be less than if you chose a commercial mortgage.

    Eligibility Requirements:

    The WHEDA FANNIE MAE Advantage program is only for first-time buyers with a  good credit score and enough income to pay monthly mortgage payments. Alternatively, you may qualify for this program even if you are not a first-time buyer if you plant o buy a home in a WHEDA target area. You must also have at least $1,000 to contribute towards the purchase of the house from your own savings. You must also meet the program’s income limits, (click here for table of Wisconsin income limits) and your home is worth less than your area’s purchase price limits (click for more details). To be eligible you must first complete a home buyer education course.

    If you qualify for this exciting new program you should contact a participating lender and file your application. WHEDA does not usually offer loans directly, but insures the loans provided by participating lenders. Click here for a list of lenders who are part of this program categorized by area.

    The main state government housing agency in New Mexico is the New Mexico Mortgage Finance Authority. This Agency cares for all housing departments and programs, including state and federal housing programs. One of the goals of this Agency is to help homeowners avoid foreclosure and protect their homes.

    In these difficult financial times homeowners are struggling more than ever to make their mortgage payments. The MFA has provided specific advice for New Mexico households which includes a set of steps you can follow to avoid foreclosure. None of these steps are, sadly, fail-proof. In some cases, homeowners can no longer afford buying a home and must look into alternative ways of dealing with their mortgage and look for other sources of housing. The MFA can help whether you think can save your mortgage or whether you need help finding the most graceful and financially efficient way out of your mortgage.

    Step 1. The first think you should do is contact your lender. Your lender is ultimately the agency which will approve or deny a loan modification, refinance or other type of mortgage settlement. The sooner you contact your mortgage provider the more options you will have. Some mistakenly believe that talking to your lender will accelerate a foreclosure process. The opposite is true. Mortgage providers will start their foreclosure procedures as soon as you are late for your payments. If you contact them before this happens you may receive the help you need so you never have to fall behind in your mortgage payments.

    Step 2. Steps 2 and 3 work together. As soon as you have contacted your lender and explained your situation, the lender’s loss mitigation department will start to analyze your financial situation and what is the best option for you and the lender. You should do the same. Find out what programs you qualify for and what you need to qualify. The main federal program for the protection from foreclosure is the Making Home Affordable program.

    Step 3. Talk to a certified mortgage counseling agency. The federal government sponsors these agencies to provide free or low-cost advice to struggling householders. We include a list of the mortgage counseling agencies currently available , their service area and contact details. Notice that the MFA works with the United South Broadway Corporation and the ILRC Housing Division.

    Clovis Housing Authority 

    Curry County

    Waymon Dowdy



    Community Action Agency of Southern New Mexico – 

    Las Cruces   

    Dona Ana, Grant, Hidalgo, Luna, Otero and Sierra Counties
    Shelly Almaguer

    Kena Carriere



    Eastern Plains Housing Development Corporation  

    Chaves, Curry, DeBaca, Eddy Guadalupe, Harding,  Lea, Quay, Roosevelt & Union Counties   

    Sandra Hidalgo

    Monica Moncada



    HOME New Mexico (MFA Helping Hand Loans)   

    Bernalillo, Sandoval and Valencia Counties – may also be able to serve other areas   

    Elena Gonzales

    Elaine Leal




    Rio Arriba, San Miguel, Santa Fe and Taos Counties   

    Michele Lis



    Las Cruces Affordable Housing, Inc.   

    Dona Ana County– may also be able to serve other areas  

    Virginia Bell



    Navajo Partnership for Housing  

    Bernalillo, Cibola, McKinley and San Juan Counties   

    Lavera Thompson



    Southwest Neighborhood Housing Services, Inc.  

    Bernalillo, Sandoval and Valencia Counties – may also be able to serve other areas   

    Robert Garcia



    Region VI Housing Authority

    Chaves, Eddy, Lea, Lincoln and Otero Counties   

    Kelly Leflar

    575-622-0881 ext. 25


    Santa Fe Community Housing Trust  

    Santa Fe County    

    Nellie Martinez

    Ron Chavez



    Tierra Del Sol Corporation   

    Dona Ana County   

    Art Marrujo



    United South Broadway Corporation 

    Bernalillo, Sandoval, and Valencia Counties   

    Tim Gardener



    YWCA – Consumer Credit Counseling Service  

    Dona Ana and Otero Counties   

    Dolores Rosell



    Pennsylvania Foreclosure Help

    The state of Pennsylvania Housing Finance Agency and the US Department of Housing and Urban Development (HUD) have approved counselors who can help you free of charge to access programs and services for homeowners in danger of foreclosure. Pennsylvania Foreclosure Help is not just something that is important to keep our People in their Home during this housing crisis.  The Pennsylvania Mortgage Help Hotline is 1-8669845108. This way you are sure that the counselors you choose can really provide the help you need to evaluate your financial situation, explain the available options and work with your lender to arrive at a viable solution. So don´t leave your home-stay and call the hotline for help without delay.

    The longer you wait and the further behind you fall in mortgage payments the harder it will be to catch up. If you don´t get up to date with mortgage payments your lender could be allowed to sell your house to pay off the debts and this is a situation that too many, who find themselves in financial crisis have to face.

    One of the programs is HEMAP Homeowners Emergency Mortgage Assistance Program from which thousands of families have gained much needed help. This is the only program of its kind created by Act 91 of 1983 to prevent homelessness among the citizens of Pennsylvania and funded by state appropriations and repayment of existing HEMAP loans. The program assures regular mortgage payments making it possible for the house owners to look for employment or train for other work or receive needed education.

    This program is in fact a loan which must be repaid and it is not available for FHA Title II (purchase) mortgages. Those who are approved for HEMAP have the property in danger of foreclosure secured by a mortgage so creating a loan. There are two types available according to the financial situation of the owner. These are continuing mortgage assistance loans and non-continuing mortgage assistance loans. Those qualifying for a non-continuing mortgage loan have their mortgage brought up to date from which date the owner is responsible to keep up the payments to the lender as well as monthly repayment to HEMAP.

    It is possible that there may be an additional cash contribution toward the mortgage delinquency when the HEMAP loan closes. Those who are eligible for a continuing mortgage assistance loan have the mortgage payments brought up to date and then subsequent payments to the lender are subsidized. Both types of loans are limited to a maximum of 24 months from the date of the mortgage delinquency or a maximum of $60,000,00 whichever comes first. The homeowners benefitting from the loan are required to pay up to 40 percent of their income toward their housing expenses. $25,00 being the minimum monthly payment allowed by law. Thus the mortgage is paid and the family do not lose their home.

    Connecticut Mortgage Help

    Connecticut Mortgage Help

    If you are thinking to buy a home in Connecticut and you have a low to medium income family, the Connecticut Housing Finance Authority has a number of mortgage assistance programs you should consider before committing yourself to another lender. The CHFA is a non-profit mortgage insurance provider which is committed to helping low and medium income families take their first step in the property ladder.

    The CHFA provides mortgage programs to help you buy a house, pay the downpayment on a home, rehabilitate and renovate a property, as well as enabling tenants to become homeowners. This article will provide general information on the main programs provided by the CHFA as well as explaining how you can apply for further information.

    Homebuyer Mortgage Program

    The CHFA’s flagship first-time homebuyer program is the Home Mortgage Program. It provides Connecticut residents who are purchasing a home for the first time with 30-year fixed low interest rates (currently 3.875 percent). Applicants must meet CHFA income limits to qualify. However, certain areas targeted by the CHFA do not require buyers to meet income limits. Click here for more information on this program.

    Downpayment Assistance Program

    The Downpayment Assistance Program is designed to help you pay for the expenses associated with buying a home, such as a downpayment and closing costs. The CHFA offers these loans at lower interest rates than conventional commercial loans. Usually, the CHFA will match the interest rate offered by your main mortgage provider and in some cases will even improve on it. Successful applicants must prove they have the necessary income to pay for their main mortgage and downpayment assistance loan. Applicants can combine a Homebuyer Mortgage Program loan with a Downpayment Assistance Program loan. Loans range from $3,000 to a maximum 25 percent of your home’s purchase price. Click here for more information on this program.

    HERO Program

    The HERO Expansion program helps stabilize neighborhoods by encouraging first-time buyers to invest in areas with a high density of foreclosed and abandoned homes. The program provides buyers with low-interest (currently 3.875 percent) 30-year fixed-rate mortgages. You can own another property and apply for the HERO program but you must agree to live in the new home as your primary address and you cannot sell a HERO program within the first 5 years of purchase without approval from the CHFA. For more information on this program click here.


    The Urban Rehabilitation Homeownership Program (UR HOME) is a similar program to the HERO program. Its goal is to encourage buyers to invest in areas which have fallen into disrepair by granting low interest rate mortgages and zero-interest home-improvement loans. Click here for more details on this program.

    The FHA Short Refinance program is designed to help homeowners who are current on their mortgage payments but cannot qualify for a mortgage refinance because their home is underwater or worth less than its mortgage balance.

    FHA Commissioner described the Short Refinance Program as a life line the FHA was throwing to help households suffering financial hardships because of the decline in property values. The program has two main goals: to reduce monthly mortgage payments and to provide a safer and more secure mortgage.

    For instance, households who are locked in a variable interest mortgage and are already struggling to make ends meet could face foreclosure if the interest rate of their mortgage rises. If they can refinance to a fixed-rate mortgage with a low interest rate, they can protect their mortgage from future hiccups in the economy and guarantee themselves a mortgage they can afford. A fixed-rate mortgage also allows you to budget better because you know how much you need to pay for your mortgage every month.


    If you think you qualify for the government’s short refinance program, you should contact your lender. The program is voluntary and your lender has the last word when accepting or denying your short refinance application.

    To qualify for a short refinance program you must have a loan insured by the FHA, have a credit score of 500 or higher, live in the property as your main residence, have an underwater mortgage and be current on your mortgage payments.

    The Treasury Department gives lenders incentives for approving short refinance mortgages. However, to receive such incentives the lender must agree to reduce the mortgage balance by at least 10 percent. The refinance mortgage must have a loan-to-value ratio of no more than 115 percent. This means that the mortgage balance of a short refinance cannot be more than 15 percent over the appraised value of the property.

    The Short Refinance Option will be open for homeowners until 2012 and could help up to 4 million homeowners improve their financial security and reduce their mortgage payments. Refinancing your mortgage for a lower interest rate can save you thousands of dollars and help you pay off your mortgage early.

    However, what if you are a senior resident. Does refinancing make sense for seniors? Our next article will study the refinance programs available to senior residents and analyze which options are more advantageous.

    Millions of homeowners in the United States are stuck with a mortgage they can barely afford and that is worth more than the property. Worse still, many of these mortgages are based on a variable interest-rate and could increase at any moment and force their owners into foreclosure. To help these cases the government has set the Short Refinance Program. It is designed for homeowners who can afford their current mortgage payments but do not qualify for a mortgage refinance because their home is underwater.

    Does a Refinance Make Sense For Senior Homeowners?

    This is a good question for all homeowners, not just seniors. However, seniors are in a specially vulnerable position because their income may be reduced if they retire. Seniors who are already retired, often have a fixed income and their capacity to adapt to an increase in mortgage payments is small. For these reasons, a mortgage refinance may be especially advantageous for seniors.

    To illustrate, if you refinance your current $150,000 mortgage with a 5.5 percent interest rate for a fixed-interest rate of 4.25 percent, you will achieve two things. First, you will reduce your yearly mortgage payments by $1,800 and, second, you will guarantee your mortgage payments don’t change in the future when your pension or retirement savings are the only income you have.

    However, this does not mean a refinance always makes sense. There are two main issues you should look at carefully. One, what is the cost of refinancing and how long it will take to recoup the costs. Two, how much do you have left on your mortgage.


    Refinancing can save you thousands of dollars but, as is often the case, it takes money to make (or save) money. The cost of refinancing a mortgage ranges from 3 to 6 percent. On a $200,000 mortgage that represents anything from $6,000 to $12,000. Before even considering a mortgage refinance you must look carefully at the savings you make. If it is going to take five years to recoup your refinance costs and you are planning to sell the house in five or less years, refinance may not be a good idea.


    The second issue to consider is how long you have left on your mortgage. When you start paying a mortgage most of your payments go to paying the mortgage’s interest. The longer you have been paying a mortgage the higher the percentage of your payments that goes towards reducing your mortgage balance. If you restart your mortgage with a 30-year loan and you only had 15 years left, it is unlikely the savings from your refinance will cover the cost of paying interest for 15 years more. Another option is to refinance your mortgage for a shorter refinance to offset the cost of restarting the clock on your mortgage.

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