Get help with mortgage and prevent a foreclosure.
Find information on mortgage assistance and foreclosure prevention programs from various companies, federal government agencies, non-profits, HUD counseling agencies, banks and states. Numerous organizations have pledged to provide mortgage help to millions of Americans. Resources are available that can help prevent or stop foreclosures as well as assist homeowners with paying their current and back mortgage payments.
The programs vary in what they can offer. In some cases direct financial assistance may be offered to help you pay your mortgage for a short period of time. Payment plans or reduced monthly payments may be offered. However most of the government programs and non-profit organizations will help facilitate some form of loan modification to qualified homeowners. This will provide families time to get back on track by ideally lowering their monthly payment, reducing interest rates or waiving fees.
Government mortgage help is offered by many state and/or local governments. They have created their own mortgage assistance offerings, refinancing programs, loan modification services, and programs to stop foreclosures. Locate your state.
Foreclosure mediation programs have been created by cities, counties, and state governments. A number of local court systems have also created mediation programs that will ensure lenders, banks and homeowners meet with an attorney or professional mediator to explore all solutions to a foreclosure. Learn more on foreclosure mediation programs and whether your state or local government offers one.
Property tax help is available which will in effect free up a homeowner’s income. Since home values have declined in most parts of the nation, you are more than likely paying too much in real estate and property taxes. Learn how to lower your property taxes by contesting your property assessment. There is no cost to do this, and anyone can challenge the assessed value on their home.
Mortgage assistance from banks and lenders
Mortgage forbearance programs are offered by numerous lenders, including Bank of America, JP Morgan, Citibank, and Wells Fargo. Forbearance allows borrowers a temporary suspension of their monthly mortgage payments. So a homeowner will have time to explore their options, receive counseling, or modify their loan. In addition, a foreclosure on your home will not occur during the forbearance period. Learn more on mortgage forbearance.
Associated Bank is offering a mortgage assistance program that will help the unemployed stay in their homes by modifying their monthly payment for up to 12 months. It can lower a borrower’s monthly interest rates or suspend their payments for a period of time. More.
Bank of America Foreclosure Prevention – From January 2008 thru current, BOA has modified over 600,000 mortgages. Some of those home loans were originally issued and held by Countrywide. Bank of America offers homeowners several foreclosure and mortgage assistance programs, including modifications, principal reduction, short sales, interest rate reductions and other resources. The lender also has opened help centers in many major cities, which provide homeowners with one on one counseling and free advice. Read more on all of the Bank of America foreclosure programs.
Citigroup will be providing mortgage help to 500,000 homeowners. They are committed to stopping foreclosures and in helping homeowners stay in their homes. Billions of dollars in fees and principal reduction will be provided. They will also provide additional mortgage assistance to the unemployed and those who have had a reduction in their income. Read more Citi unemployed mortgage assistance.
Countrywide / Bank of America has announced a program to help 400,000 homeowners pay their mortgage and keep them in their homes. It will offer modifications, principal reductions, free counseling, and other aid. Some borrowers may receive financial assistance in relocating to a new more affordable home. Many beneficiaries of assistance from this program received questionable or sub-prime loans from Countrywide. More.
In addition, Countrywide will be spending billions of dollars to modify mortgages as a result of a lawsuit they settled. Many state governments sued the lender for all of the questionable home loans that they issued to uninformed borrowers, and the funds to the settlement will go directly to helping homeowners. Get more details.
Fifth Third Bank offers the You Have Options mortgage and foreclosure assistance plan. It provides struggling homeowners in their service territory a refinancing or loan modification option that will give them needed relief on their mortgage. Learn more.
JP Morgan Chase / Washington Mutual has announced a $70 billion plan to help 400,000 homeowners. They also continue to implement new services and programs for delinquent borrowers. The goal is to assist hundreds of thousands of borrowers across the nation. Read more JP Morgan mortgage help.
Also, JP Morgan Chase has opened dozens of Homeownership Centers across the country to provide face to face contact for troubled borrowers. Anyone can stop by a center in their region for free consultations and information. The face to face contact from a homeownership center will ensure the borrower receives the attention and service they deserve.
Find out more about additional programs and options now being offered by JP Morgan Chase. The lender is continually creating new resources for those who need help. These programs are providing homeowners several additional options for mortgage delinquency counseling as well as foreclosure assistance. The bank is doings its best to help customers of all ages, backgrounds, and income levels, and they want to prevent as many foreclosure as possible.
Marshall & Ilsley (M&I) bank offers a foreclosure moratorium to provide homeowners time to improve their financial situation, improve their credit scores and resolve any mortgage issues. Another resource available is known as a Homeowner Assistance Program. Read more.
Regions Bank has helped thousands of homeowners avoid foreclosure through a program called the Customer Assistance Program. This can provide a number of solutions to qualified applicants. Sign up for forbearance, repayment plans, and home loan modifications are all offered. More.
Wachovia / Golden West/ Wells Fargo is helping up to 250,000 homeowners refinance their home loans and pay their mortgages. Many are victims of predatory lending practices. If you have received an interest only loan, or an ARM that is resetting to higher rates, then this program may help. Continue with Mortgage help from Wachovia.
Wells Fargo Loan Modification Program – They offer two main plans for homeowners. They include ProjectLifeline, which delays the foreclosure process, and also the Fast-Trac solution for adjustable rate mortgages. These two programs from Wells Fargo have helped thousands of homeowners. Benefits have included more time to pay your loan, and more affordable interest rates. More.
In addition to the loan modification programs mentioned above, Wells Fargo has other options and programs that struggling homeowners can use to get help with paying their mortgage. Examples include principal reduction and forbearance. For example, they have written off tens of billions of dollars in principal that is due from a homeowner. Find additional Wells Fargo mortgage assistance programs.