The government is providing several programs and opportunities for people who are struggling with home mortgage payments. One of their main programs is their Home Affordable Modification Program (HAMP). This program is for certain borrowers who qualify and have mortgages under $729,000. If you fit the little criteria that is required to qualify for the program, you may be able to lower your interest all the way down to 2%, defer unpaid loan balances, or even extend your amortization period. These can amount in a significant reduction of your monthly payment and may allow you to keep your house.
Even though you may be extremely behind on your payment, it doesn’t hurt to find out. Find out more about HAMP and get help modifying your loan today!