How will I know what options or programs I qualify for to help with my monthly mortgage payments?

There are several different ways you can find out if you qualify for monthly mortgage payment help, or what types of payment relief may be available to you. The first thing you need to do is sit down and put on paper (an outline is fine for now) why you are having trouble making your payments, or why you feel you may soon have trouble. During this process of attempting to get some financial relief you will discover that you have to be able to articulate in writing and verbally why you are having a financial hardship.

Examples of financial hardships can be:

• Death of a wage earner
• Divorce
• Job loss
• Prolonged unemployment
• Disability preventing you from working
• Unexpected large increases in utility bills, association dues, or property taxes

Your mortgage lender is a good source of information about programs that they have available to assist clients in trouble. The key is to contact them as soon as you realize you may have a problem and be prepared to be patient and persistent. Some programs that you may want to ask them about include:

• Home Affordable Refinancing which is available to borrowers with Fannie Mae and Freddie Mac  backed mortgages. You usually have to be current on your loan payments for the last 12 months to qualify.
• Home Affordable Loan Modification is also for Fannie Mae and Freddie Mac backed mortgages but allows borrowers to have been in arrears in their mortgage payments.
• If you are unemployed and live in one of the states designated as "Hardest Hit" there are special programs to help you stay in your home. These states are Nevada, California, Florida, Arizona, Michigan, North Carolina, South Carolina, Ohio, Oregon and Rhode Island.

If you have questions about what programs are available to you and are having trouble getting information from your lender, you should contact a HUD certified counseling agency or an attorney who specializes in real estate law to assist you. There is help out there if you are persistent and ask for it early enough.