Loan modification help - AmericaNowNews.com

Finance

Do you need help with your home loan?

  • FinanceLoan modification helpMore>>

  • Common holes in homeowner's policies

    Common holes in homeowner's policies

    When's the last time you read through your homeowner's policy? Money Expert Nathan Bachrach says odds are it isn't going to cover everything you think it will.
    When's the last time you read through your homeowner's policy? Money Expert Nathan Bachrach says odds are it isn't going to cover everything you think it will.
  • Loan helps with home makeovers

    Loan helps with home makeovers

    If you are looking to buy a fixer-upper, the Federal Housing Administration's 203 K Rehabilitation Mortgage Insurance Program lets you combine the cost of repairing your home into your mortgage.  It's a

    The 203 K home loan could be your way towards owning or refinancing a home. Only select lenders offer the federal loan, but for those who qualify, it comes with only a low initial investment.

Joseph Murray has a home and a family to take care of. That job got really difficult when he was laid off. His first thought was his family -- then their home.

"We were struggling to even get a payment out, but were forcing ourselves to at least get a payment out," he says.

With little to no money coming in, he got behind on his mortgage. The news he eventually got from the bank was no surprise.

"It got to the point where I started getting notices for the bank that they were going to foreclose because I was behind in the mortgage," he told us.

He tried to get a loan modification, but his background as a former employee with the bank didn't help. Meanwhile, he was still over $20,000 behind.

He negotiated with the bank, but was denied. Then, in the middle of our interview, he got a phone call from the bank.

"Thank you God. There is a God up there. He made her call while you were here," he says. The bank says despite originally denying his case, it will give it another review.

We took Murray's concerns to Housing Opportunities Made Equal - a HUD-approved housing counseling agency.

There has been a large influx of people needing assistance with their mortgage. The sheer number of people needing help has delayed loan approvals.

If you fall behind, stay in touch with your lender and keep making payments.

H.O.M.E. counselors say if you can't, then talk to a counseling agency to see what options you may or may not have, because some lenders may not accept partial payments. Don't wait until the last minute. At the first sign of trouble, call a HUD-approved counselor. The process can be overwhelming, but counselors can walk you through the process.

Back at the Murray's home, they hope that next phone call will be good news.

"I want them to tell me they can help me some kind of way," Murray says.

One important thing to keep in mind -- loan modification help should always be free.

Copyright 2013 America Now. All rights reserved.

  • Most Popular StoriesMost Popular StoriesMore>>

  • Six deadly foods for dogs

    Six deadly foods for dogs

    Every pet owner knows a dog can get into just about anything around the house. One woman found that out the hard way when her dog ate a bunch of grapes! Turns out, that's one of the most dangerous foods
    Every pet owner knows a dog can get into just about anything around the house. But these common snacks could be fatal for Fido.
  • Fugitive Friday: Central Virginia's Most Wanted

    Fugitive Friday: Central Virginia's Most Wanted

    Friday, April 18 2014 3:06 PM EDT2014-04-18 19:06:17 GMT
    Fugitive Fridays tracks down Central Virginia's most wanted. Take a look at the photos and see if you can help police track down these suspects.
    Fugitive Friday helps track down Central Virginia's Most Wanted.
  • Wiping the "sleep" from your eyes

    Why not to wipe the "sleep" from your eyes

    The Sandman may lull you to sleep, but he also leaves a few sprinkles behind in the corners of your eyes. People call it sleep, eye goop, crusties or sand, but no matter what you call it, the gunk keeps
    The Sandman may lull you to sleep, but he also leaves a few sprinkles behind in the corners of your eyes. People call it sleep, eye goop, crusties or sand, and no matter what you call it, it always appears after you've awoken.
Powered by WorldNow