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Can I Wait For The Government Bailout
That depends. Are you in trouble now or think you will be soon? Has your lender already begun the foreclosure process? 
Making Home Affordable is the name of the federal program created to bring relief to America’s housing market. The program is designed to help current borrowers refinance their mortgages so they are more affordable and sustainable or help struggling homeowners modify their mortgages in order to avoid default and foreclosure.  MHA will help some borrowers, but it will not help all. If you are having a problem paying your mortgage, waste no time in educating yourself on the many options that might be available to you, click here.   Also take a serious look at the Making Home Affordable program. For Frequently Asked Questions, and preliminary eligibility criteria, click here.
A word of caution: determining that you are eligible to participate in the MHA program does not mean that you qualify. Only your lender or servicer can tell you that. And that takes time. Don’t make the mistake of limiting your focus to only this one program, especially if your situation has reached a critical point. Borrowers whose loans are scheduled for foreclosure, or who have missed one or more payments and have not yet spoken with their servicer, should contact their servicer immediately! You owe it to yourself to explore all the options that will help you keep your home and save your credit by reviewing the alternatives to foreclosure.
To determine if you are eligible to participate in a Making Home Affordable program, go to: www.makinghomeaffordable.gov/eligibility.html or call a HUD-approved housing counselor at 1-888-995-HOPE (4673). Then contact your loan servicer. You will find the servicer’s number on your monthly mortgage bill or coupon book, or click here to find contact information for your servicer.   Some lenders have agreed to postpone foreclosure sales on mortgages that meet the minimum eligibility criteria for a Home Affordable Modification, but the only way to know this is to contact your servicer.
Waiting until you are further behind is a mistake. Limiting your focus to this one federal initiative limits your opportunities to help yourself. The foreclosure process can move very quickly in some states, and before you know it, you will be too far along to save yourself, keep your home, or get out of your financial obligation without a foreclosure on your credit record. 
Educate yourself. If you are already in trouble or think you soon will be, do not wait for this bill to bail you out. There are many options available to you when you know where to look and what to ask for. Learn about the default and foreclosure process.  Learn about other options. 
Educate yourself and learn about all the options available to you. 

 

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