The Best Resource

The last post Bruce explained the new 125% loan to value refinance program. I wanted to add to that topic and make you aware of the website: www.makinghomeaffordable.gov. This site has a great amount of information. Bottom line, if you are struggling there is help out there to avoid foreclosure. For instance:

Home Affordable Refinancing
Many homeowners pay their mortgages on time but are not able to refinance to take advantage of today’s lower mortgage rates perhaps due to a decrease in the value of their home. A Home Affordable Refinance will help borrowers whose loans are held by Fannie Mae or Freddie Mac refinance into a more affordable mortgage.

and another option:

Home Affordable Modification
Many homeowners are struggling to make their monthly mortgage payments perhaps because their interest rate has increased or they have less income. A Home Affordable Modification will provide them with mortgage payments they can afford.

Lastly, beware of home foreclosure scams. Help is free! If this might apply to you; go to the website to learn more.