Like everyone, I've been reading of the new Obama Administration's "Hope For Homeowners" program. Unfortunately (or fortunately), we do not qualify. It would be nice to get catch a break and get a lower monthly mortgage bill. Although at 5.25% interest rate, I can't complain.

Recently, one my relative's personal home situation has changed. Since she's a homeowner herself, I want to ensure she is aware of this program.

There is help out there until Sept. 30, 2011.

From the government web site:

"If you are at risk of foreclosure do not wait for assistance.  You should contact your mortgage lender immediately or call 1-888-995-HOPE (4673) to reach a HUD-approved housing counselor.  HUD-approved housing counselors can help you evaluate your income and expenses and understand your options - and - this counseling is FREE."

Most banks are participating in this program, since the government gives them monetary incentive rewards. The idea is that they will be able to work with homeowners to get them a lower monthly payment by providing a new 30-year fixed loan with a low mortgage rate. I read they are allowed to even go down under 3% interest rate to help homeowners stay in their homes. In addition, homeowners participating in this program who pay their mortgage on time will get $1,000 back in taxes for the first five years or so.

I also read that in order to qualify, the homeowner needs to have either a Freddie Mac or Fannie Mae mortgage loan.

Here are some tools to determine who owns your loan:

http://makinghomeaffordable.gov/loan_lookup.html

Some government web sites:

http://makinghomeaffordable.gov/

http://portal.hud.gov/portal/page?_pageid=73,7601299&_dad=portal&_schema=PORTAL

http://www.govbenefits.gov/govbenefits_en.portal?_nfpb=true&_pageLabel=gbcc_page_category&_nfls=false&bid=4589&mode=report

www.hud.gov/hopeforhomeowners/pressfactsheet.cfm

Signing Off,
vivian