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U.S. Government Aids Homeowners in Refinancing

By writer

As of July 15, 2009, U.S. Housing and Urban Development Secretary, Shaun Donovan, announced an expansion of the federal government?s Home Affordable Refinance Program to include participation by borrowers who are current in their mortgage payments but who are up to 125% ?underwater? on their mortgage. Before this expansion, only borrowers whose first mortgages did not exceed 105% of the current market value of the property qualified. Authorized by the Federal Housing Finance Agency, only borrowers whose mortgages are currently owned or guaranteed by Fannie Mae or Freddie Mac will be allowed to refinance their loans.

Homeowners who are having difficulty making their mortgage payments or rent may be considering filing for Chapter 7 or 13 bankruptcy protection. This is a very complicated process that requires the guidance of an experienced bankruptcy attorney and a reputable bankruptcy law firm. Please visit us at www.legalhelpers.com where you can get reliable legal advice that you can trust.

According to Treasury Secretary Timothy Geithner, ?By expanding refinance eligibility, we can bring relief to more struggling homeowners more quickly. It?s a crucial step in our broader efforts to get America?s housing market and economy on the path to recovery.?

Foreclosure Scams to Avoid

· Do not fall prey to scam artists who prey on homeowners nervous that they may lose their home to foreclosure.

· Do get help from a HUD-approved housing counselor; this is safe and free advice.

· Never maker a mortgage payment to anyone other than your mortgage company.

· Do not sign over the deed to any property to any person or company for any reason unless you are working with your mortgage company to forgive your debt.

A personal bankruptcy may be the solution to your mortgage issues. Contact Legal Helpers today.

Full post as published by Consumer Bankruptcy Blog from Legal Helpers on August 05, 2009 (boomark / email).