Unemployment has taken its toll on Georgian, with Georgia actually 3rd inside the united states, having Thirteen percent of home loans more than one payment delinquent as of December. 31, in accordance with the Mortgage Bankers Association’s National Delinquency Survey.

Countrywide, the delinquency rate fell to a seasonally modified rate of Nine % coming from all mortgages unpaid as of the end of the 4th quarter. That’s down Seventeen basis points from the third quarter, but up 159 basis points from a year ago. A basis point is one-hundredth of a percentage point.

The MBA reported the actual decline within the 30-day delinquency rate is “a concrete sign” that the conclusion of the mortgage problems could possibly be nearby. Which is essential simply because mortgages that are 30 days past due usually function as major signal of significant delinquencies and foreclosures.

In Georgia, there has been 33,059 active trial mortgage loan modifications through January. Of them, 4,508 are actually permanently modified.

Atlanta is among the top Fifteen metro locations for HAMP activity, accounting for 3.2 % of total HAMP activity. The particular city had 30,285 active trial loan modifications through January. Of those, 3,692 were permanently modified.

California Government Mortgage Help

If you are reading this then you are no doubt one of hundreds of thousands of Americans with a mortgage that has become nearly impossible to maintain. The state of California is seeing the highest rate of foreclosure in the history of the mortgage industry. Whether you have lost your job, your income has changed or simply cannot afford your mortgage payment any longer, there are ways to get help.

Before seeking help, one important thing to remember is that banks do not want to take your home. Sure, when it comes down to it, the banks will foreclose to protect their interest but foreclosure is extremely costly to the banks and will often cause them to lose money. It is more beneficial for the banks to work with you rather than against you.

When you are having trouble paying your mortgage, there are many different options that you can turn to. There are currently many options for government mortgage help in the state of California. The help you seek will of course be dependent on certain guidelines and restrictions.

Here are just some of the options available to homeowners in California:
1. The Making Home Affordable Program – This program is the brainchild of President Obama. There are actually two parts to this program. The first is the Home Affordable Refinance. Under this plan, if you are making your mortgage on time each month but can’t refinance due to owing more than the home is worth, this option may be able to help you refinance into a more affordable rate. The second option is the Home Affordable Modification. This option is for those who are behind on their payments or actually already in the foreclosure process. This plan can also be used by those who have experienced a recent hardship. Under this option you can modify your payments to get you into a payment that you can better afford.

2. HOPE for Homeowners – The HOPE for Homeowners program is for borrowers who are having trouble making their mortgage payments and are facing foreclosure. The HOPE for Homeowners program will refinance borrowers who can’t afford their current mortgage but would be able to afford a new loan insured by the Federal Housing Administration.

3. Local Resources – Depending on the county that you live in, there are various groups and organizations that can help you save your home. There are a lot of groups such as Consumer Credit Counseling and Acorn that can be of assistance if you are facing foreclosure. All of these organizations have different programs available.
Worrying about losing your home can be very traumatic and at times, it can overtake your life. Take solace in knowing that there is assistance out there. You simply have to find it and begin the process.

what do when you are Underwater with your Mortgage

“Underwater” mortgages occur when a homeowner’s mortgage note balance is greater than the actual value of the home. Because the value of real property exceeded true market values as a result of loan saturation and real estate investment speculation, homeowner’s that took out first and second mortgages now find the value of the property to be less than the amount owing.

Mortgagees caught in this particular predicament may face rising mortgage payments due to ARM loans (Adjustable Rate Mortgages) and/or artificially high property taxes.
Ride out the real estate downturn:
Though underwater mortgagees may owe more than the property is worth that does not necessarily mean the borrower cannot afford the monthly mortgage payment. Mortgagees who are in this particular situation might attempt to ride the real estate downturn into recovery. Real property values have historically rebounded and if given enough time, borrowers may see a break-even point or an eventual appreciation greater than the mortgage balance.
Seek a loan modification:
Should an underwater borrower be unable to make mortgage payments in the near future, approaching the lender for options sooner rather than later is paramount. Lenders may offer short or long term forbearance agreements or a partial reinstatement. In any case of loan modification the borrower should know the fix is temporary and failure to meet any provision can negate the modification. Borrowers with FHA loans should consult HUD guidelines for federal loan modification plans and/or programs.
Rent the property out:
Another choice for underwater mortgage borrowers is to rent out the property and if necessary, cover the difference between the monthly rent and the mortgage payment. Homeowners should collect first and last month’s rent, along with a refundable security deposit.
Negotiate a short sale:
Borrowers that cannot wait out the real estate market or do not have the means to meet a forbearance plan and cannot meet or do not meet HUD guidelines, might elect to negotiate a short sale with the lender. In a short sale, the lender agrees to take a loss on the mortgage but may seek legal restitution even after the short sale has been approved and the property has sold.
File for bankruptcy:
Filing under Chapter 13 bankruptcy protection will allow the borrower to stay in the home but does not absolve the mortgage. Missed payments must be made up over the course of 60 months in addition to the regular mortgage payment.

Louisiana Government Mortgage Help

If you live in Louisiana and are having trouble paying your mortgage payments or are facing foreclosure, there may be help from you from the state government and others.
As soon as you know you will have trouble making your payment, you should call your lender. You will have more options if you are no more than one or two payments behind than you will later. A good lender will often be able to help you work through your financial problems and will not want to take your home away from you.

In Louisiana, it is possible to get mortgage help from your state government, national assistance programs, and state charities. You can receive help with bills, medical bills, health expenses, food assistance, and other items that will help you continue to be able to make your house payments.
Many state and local governments have assistance programs to help residents in paying or refinancing mortgages to stop or at least reduce foreclosures. The amount of help may vary from one state to another. It can include new mortgage loans; help with paying an existing mortgage, grants, mortgage counseling, and other help. You can also find help paying electric bills, and for child care.

On the website, http://www.hud.gov/local/la/renting/energyprgms.cfm  you can find out about programs to help you in any state, including, Louisiana. If there is not a specific program to help with your problem in your area of Louisiana, you might still get help with other things on the website, such as paying for your medical bills, help with your prescription drugs, charities that might provide financial assistance, community action agencies, which are public and private, and might offer financial assistance and counseling, and federal assistance programs.

Other Mortgage website also offers a link to programs in Louisiana to government programs that might help with mortgage payments. You might also receive assistance from a housing counselor in your area. A list of counselors recognized by the Federal Department of Housing and Urban Development can be found at hud.gov or by calling 1-800-569-4287.
If you need more help than the state might offer, or local charities, President Obama’s Mortgage Modification program might help you. Information can be found at the HUD website.

Government Mortgage Help in Philadelphia, PA

If you live in Philadelphia, Pennsylvania, and face foreclosure, there may be help available to you to help you stay in your home. Other cities–Louisville, Pittsburgh, and Chicago–are examining the program and have adopted similar programs. People on the verge of foreclosure, who have lived in their homes for years but face their homes being sold by the sheriff’s office, have been helped by the local Philadelphia program.

Philadelphia’s primary civil court requires anyone who is faced with foreclosure and who is living in his house to become involved in a "conciliation conference." The conference is a face to face meeting that attempts to work out a compromise between the homeowner and lender. Every homeowner is given counseling, and many are given legal representation.

Conciliation Conferences are scheduled in the City Hall in Philadelphia, on the sixth floor, every Thursday morning. Volunteer lawyers are present. Lawyers working for the mortgage companies are there too. Those facing foreclosure are there–some of them construction workers in overalls, some of them the elderly with canes, some of them parents, who have their children with them.
Deals worked out can include lower monthly payments for borrowers, or cash for leaving the property, if a homeowner can’t afford payments at even a modified rate.

Government Mortgage Help for Retirees

Do you wonder what kind of government mortgage help there is for you, as a retiree? Some information to help the elderly stay in their homes can be found at the Department of Housing and Urban Development (HUD) official website, under the category, Information for Senior Citizens. There is information on reverse mortgages for senior citizens.

If you a retiree and are having a difficult time financially, either because of your mortgage, or for some other reason, a reverse mortgage might help you. Those 62 and older can receive a cash payment for the equity they have in their homes.

Maybe you are having other bills, such as medical bills, long-term care insurance, or some other major expense, that is making it hard for you to make the mortgage payment, the cash from a reverse mortgage could help you pay off those debts. It might then be easier to make your mortgage payments, or repay your reverse mortgage loan. Because you don’t have to repay the loan as long as you live in the house, a reverse mortgage could help you avoid foreclosure.
You can receive the money as a lump sum payment, monthly payments, or a combination of both. There are some reverse mortgages, such as HUD’s Home Equity Conversion Mortgage that will provide a line of credit you can you use whenever you need cash.
The advantage of a reverse mortgage is you would not have to repay the loan as long as you live in the house as your principal residence. If you have not paid it back when you die, however, your heirs, if any, will have to pay back the loan out of their inheritance, or their own pockets.

You can qualify for a reverse mortgage without a credit check. There are no income requirements. Although the program is often used for other purposes, such as making home improvements, buying cars, or vacations, it can provide mortgage help for those who need it.
HUD has a list of approved reverse mortgage counselors. You can search by state.

Another program that can provide mortgage help for retirees is not specifically for the elderly or retirees, but many such people can qualify for the program. President Obama’s mortgage program can help those who cannot make their monthly loan payments to receive a loan modification.

Your monthly payments might be reduced if your interest rate has increased, or you are receiving less money. You might qualify if your home is your primary residence, your mortgage is equal to or less than $729,750, you are having trouble paying your mortgage, and you received your mortgage before January 1, 2009.

Your payments would be reduced by reducing your interest rate to 2%, extending the loan term up to 40 years, and if you would defer a portion of the principal until the loan is paid, and waive interest on the deferred amount.

One other program, not specifically for retirees, but which could provide help for those facing foreclosure, including the elderly, is Fannie Mae’s Deed for Lease program. Those who face foreclosure may be able to stay in their homes by temporarily signing their lease back to the lender and renting the home at fair market value. More information can be found on the official Fannie Mae website.

Fannie Mae Lease Home Program

 

Homeowners in danger of losing their homes through foreclosure may be able to keep them by leasing them temporarily under Fannie Mae’s new program, Deed for Lease, and becoming tenants in their houses.
Under the program, owners who qualify would temporarily sign a lease. The property would temporarily revert back to the lender, and the person in danger of foreclosure could still live in the house as a tenant. According to Fannie Mae, thousands of people who might otherwise lose their homes could be helped and could live in their homes at least another 12 months.

 

According to Jay Ray, Vice President of Fannie Mae, the program will help those who could not be helped by Fannie Mae’s other programs, those who "are facing foreclosure." He said he believes the new program will help "some of the uncertainty of foreclosure." He also said it will help stabilize neighborhoods because families will be able to stay in their homes "during a transitional period."
Fannie Mae is not specifically a lender and does not lend money to individuals. Instead, it works with brokers, bankers, and other mortgage partners to make certain they have adequate funds to lend to consumers.

In September of 2009 about 4.45 percent of Fannie Mae’s borrowers were seriously delinquent. According to Fannie Mae, statistics are not yet available as to how much the Deed for Lease program will cost or how many homeowners will be eligible to participate.
Although homebuyers would have to give up the deed to their houses, they would be able to rent their houses at market rate for at least year. According to Fannie Mae, some leases might be renewable after that on a month-to-month basis.

Those eligible for the Deed for Lease program include those who live in their homes as their primary residence. They also must be released from any subordinate liens on the property. In addition to those owning or purchasing the homes, their tenants may also be eligible for leases. Those interested in the program must show that the new market rental rate is no more than 31 % of their total income.
Fannie Mae answers questions about the Deed for Lease program on its website. The topics include subleasing (which is not allowed), whether someone who is at first interested in the new program may change their minds (it depends on the circumstances), and what one can do about pets.

According to Fannie Mae, certain pets pose a "liability threat" to both landlord and tenant. Those who own pets must, for that reason, have renter’s insurance. The insurance must include liability insurance for pets. Fannie Mae must be named as an additional insured in the policy.