Keep making payments - you may not have to sell! You may be able to get your home refinanced with affordable payments under the Housing & Economic Recovery Act. See someone today - the program goes into effect on October 1st.
From the HUD website:
Homeowners or a servicer of an existing eligible loan need to contact an FHA-approved lender.
The program offers government insurance to lenders who voluntarily reduce mortgages for at-risk homeowners to at least 90% of the property's current value.
The FHA-approved lender will determine the size of a loan that a borrower can reasonably repay and that meets the requirements of the program.
If the current lender or mortgage holder agrees to write-down the amount of the existing mortgage and make the new loan affordable, the FHA lender will pay off the discounted existing mortgage.
Loans provided under this program must be 30-year fixed rate loans.
Please don't wait - as your agent or bank even mentioned this option to you?... more