Four Programs Offer Mortgage Assistance

With millions of Americans delinquent on their mortgages or in some phase of foreclosure, Uncle Sam has developed roughly a dozen programs designed to help struggling homeowners keep their properties.

"We really lead the marketplace when it comes to bending over backward to keeping people in their homes," says Brian Sullivan of the U.S.People who love Buy Replica Hollister Womens T-shirt for sale should shop replica hollister t-shirts wholesale from this london clothing wholesale. Department of Housing and Urban Development. "We want to make sure that we've exhausted all other options before families lose their properties."

Four yCheap Victoria's Secret Womens Bikini onsale, we Wholesale Victoras Bikini for sale at low price.ears of anti-foreclosure efforts under the Bush and Obama administrations have spawned a confusing alphabet soup of aid programs, though.wholesale Polo Dress for sale Should you apply for HAMP, or would you do better with HARP? What about HAFA?

To help sort things out, we offer a rundown of the government's major anti-foreclosure initiatives.

Sullivan also recommends homeowners in trouble contact a HUD-approved mortgage counselor for free, one-on-one advice. But he warns that you should avoid "mortgage-rescue" companies that claim they can save your home from foreclosure -- for a price.wholesale Chanel Bracelet for saleBuy Best Swarovski Bracelet sale

"The rule you should take to heart is: 'Never pay anyone a dime who's making pie-in-the-sky promises,'" says Sullivan, who notes that HUD-approved counselors never charge upfront fees.

Home Affordable Modification Program
One of Uncle Sam's main foreclosure-fighting programs, HAMP aims to move homeowners who took out high-interest mortgages during the housing boom into more-affordable loans.

The government will pony up some cash and give your mortgage company special incentives to cut your monthly payments down to no more than 31% of gross income.

The lender must first drop your mortgage rate down to as low as 2%, then extend your loan's term to a maximum of 40 years if necessary.

You can qualify for HAMP if you're pay more than 31% of your pretax income toward your mortgage and have a loan overseen by a participating lender or servicer.