Mortgage Crisis Homeowner Resources

If you have a sub-prime adjustable rate mortgage and are behind in your payments or fear that you may have trouble when your ARM resets, there are a number of public and private resources that can help you get through the crisis with your home.

Your Mortgage Lender
The company that holds your mortgage is your best bet when it comes to saving your home. Although is sounds counterintuitive, your mortgage company is also the one that has the biggest stake in making sure you keep your home. They would much rather work with you to keep a long term customer and avoid losing money by foreclosing on your home and hoping to sell it at a bargain price in the worst real estate market in years. It is best to contact them before you fall behind. Ask them if they have a hardship program or if they will restructure your loan.

Hope Now
This is an alliance between HUD approved counselors, lenders and investors that try to keep Americans in their homes by helping them renegotiate their loans.
http://www.hopenow.com

Homeownership Preservation Foundation
This nonprofit organization works with local governments, nonprofits, borrowers and lenders to find solutions for distressed homeowners.
http://995hope.org

HUD Approved Housing Counseling
The U.S. Department of Housing and Urban Development (HUD) sponsors housing counseling agencies throughout the country that can provide advice on buying a home, renting, defaults, foreclosures, credit issues, and reverse mortgages.
http://www.hud.gov/offices/hsg/sfh/hcc/hcs.cfm

NeighborWorks Center for Foreclosure Solutions
NeighborWorks was created to preserve homeownership in the face of rising foreclosure rates. In conjunction with national nonprofit, mortgage and insurance partners, the Center builds capacity among foreclosure counselors around the nation, conducts public outreach campaigns to reach struggling homeowners, and researches local and national trends to develop strategic solutions. In cities and states with high rates of foreclosure, the Center works with local leaders to create sustainable foreclosure intervention programs.
http://www.nw.org/network/neighborworksprogs/foreclosuresolutions/default.asp

FHA HOPE for Homeowners (H4H)
This initiative from the Federal Housing Administration helps homeowners at risk of default refinance their homes with new 30-year fixed rate mortgages with lower payments. The program is in effect from October 1, 2008 to September 30, 2011.
http://portal.hud.gov