The rate of home foreclosures has increased rapidly, as the effects of the subprime mortgage crisis hit homeowners with adjustable rate mortgages. Rates have skyrocketed and many people face the prospect of losing their home. The government, through the Dept. of Housing and Urban Development, has taken steps to lessen the burden on homeowners and help people keep their homes. If your rates are set to increase, or they already have, contact your mortgage lender or use the resources below to find relief:
Call a non-profit, HUD-approved credit counselor to find out your options.
Federal Housing Administration
HUD offers the FHASecure Program, a refinancing option for homeowners who are current on their payments or recently delinquent due to an interest rate reset. Eligibility varies, but the program allows you to refinance into an FHA-secured mortgage.
This financial education tool offers advice and resources on general money matters, in addition to specific tips for home buying and owning.
Use the mortgage crisis resource center to help evaluate credit decisions and calculate your mortgage. Also, learn about the history of the recent downturn.
Find more resources and read more about the housing crisis at Govspot.com