Mortgage payment help is here but only for a special few. There has been a lot of news coverage about all of the money that the Federal Government is throwing at the trouble economy. The real estate market and the mortgage industry has received some of that money in the form of new loan programs for homeowners that are struggling to pay their mortgage payments each month. There is just one little hitch that it NOT being talked about very much.
Homeowners that are cutting back, giving up and doing everything in their power to pay the mortgage and other bills are not eligible. The government is not in the business of helping homeowners with their mortgage payments if those homeowners are current on the bills and have a good credit history – even if that good standing is maintained by the use of savings.
The only way that you can utilize the wonderful programs (sarcasm intended) that the government is providing is if you are behind. The Federal Government seems to be encouraging homeowners to get behind on their mortgage in order to be able to receive any of the benefits of their own tax dollars at work.
The good news is that some of the banks that are administering the programs for the Federal Government may be willing to “go to bat” for you in your particular mortgage situation. If you find that you are in trouble with your mortgage payments (or see trouble looming in the distance) then contact your bank now and request a hardship package for your mortgage or other loans. The sooner you begin the process the less stress you will have while jumping through all the hoops.