Home Loan Modification - The Federal Government Can Help to Save Your Home

When you meet the qualifying criteria and take immediate action, a federally-supported home loan modification will save your home and your self-respect.

While the housing "bubble" continued expanding and home values escalated at unreal rates, many banks and alternative lenders felt confident extending "sub-prime" loans to hardworking families like yours. They speculated that the "collateral"-that asset you know as your home-would continue increasing in value at three or four times your interest rate, so that even if you defaulted on your loan, the banks still would make money on their subsequent sale of the house and land.

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Then, the bubble burst, the credit market dried up, your home lost value even as your interest rate rose. The bank fears taking possession of a "toxic asset," and you dread the prospect of foreclosure. You and your lender have a common interest in modifying your home loan, saving your home, credit, and dignity.

Ask for help with your home loan modification.

Do not hide from your lender as though you are a fugitive. Instead, enlist your lender as a partner and collaborator in your initiative to refinance your mortgage. The government officials who review your application will want to see documentation of your financial history and the hardship that put you in jeopardy of defaulting on your mortgage. Your lender can supply all the documents you need to make your case; and your lender often will help you make the case for your hardship.

HUD offers assistance with your home loan modification.

Your local Department of Housing and Urban Development (HUD) can help you at every step of the process. HUD representatives can clarify the qualifications, matching your numbers against them. They especially can clarify the "hardship requirements, matching your circumstances with their standards. One official points out, however, "If a person qualifies for unemployment, then he or she typically satisfies the federal criteria for hardship, too." The official adds that often the numbers tell the whole story: "When we can see that a home-interest loan rate changed everything about a family's financial situation, we want to do everything in our power to win a home loan modification."

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