Mortgage Stimulus
What government agency would I contact for Mortgage help?
I was laid-off from work within the last year and it is becoming increasingly difficult to make my mortgage payment each month. I contacted BoA, who holds my loan and they said there was nothing they could do without paying hefty closing costs to refinance, which mI currently do not have. I thought I was a prime candidate for refi with my current situation. Could someone please direct me to the correct government agency that is responsible for the housing stimulus. Thanks in advance.
Your best bet is to modify your loan because being unemployed pretty much disqualifies you from refinancing. You can call a HUD counselor for free assistance – I don’t know what state you’re in but for California the number is (800) 569-4287 or check HUD online (www.hud.gov) for your local number.
You can also try and do this yourself but it’ll require patience and persistence. Check out BofA’s website and do your homework. There’s a number on their site you can call to start the process or call the customer service number on your monthly mortgage statement and ask for the loan modification/home retention department. Tell them your financial hardship and give them your current income (unemployment benefits?) and expenses. From that point, if they “pre-qualify” you for a loan mod, they’ll tell you what other documents you’ll need to send them. After that, it becomes a waiting game as loan mods tend to take at least 60 days, unless you’re fortunate enough to get the “right” people working on your file. Call them EVERY week or two to get a status check on the progress off your file and keep notes of who you talked to.
Another option is to have a loan modification company do the work for you. Yes, they will charge you a fee but it can be worth it. Believe it or not, there are a few legitimate loan modification companies out there. One big caveat though, BE EXTREMELY CAREFUL with the company you select as there are many scams and fraudulent companies out there! Do your homework on the company you pick and ask them a lot of questions until your confident they are legit…if not, then you still have the other options stated above.
BARACK OBAMA HOME MORTGAGE STIMULUS PLAN IN ARIZONA 2 FEBRUARY 18 2009 CONCISE
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