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Are You A Financially Struggling House Owner? The Harp Program Can Help You!

April 09, 2012 | Comments: 0 | Views: 90

Having financial problems isn't easy, especially if you cannot pay your mortgage anymore. In fact, this can be one of the most stressful problems that one could experience in his or her life. However, lenders are not keen to repossess your house from the moment you have problems, no matter what many people think.

In reality, if you do have problems they will do anything that lies within their power to help you stay in your home. This is also in their own interest. When they repossess the home of every homeowner that faces some financial difficulties, the next thing they got to do is to sell these houses. And after the last couple of years.. with the housing market fallen down, they won't get a good price - that is if the houses can be sold in the first place- so they will lose a lot of money. That's why mortgage lenders will help you as much as possible to overcome financial troubles.

The lender is willing to discuss your problems with you. Show them you are willing to cooperate and you will pay everything you can. Take full advantage of the conversation with your lender and ask a lot of questions. When you understand what your options are, your chances to keep your home increase.

Let's take a look at the available options: there are government organizations that offer free advice to help you pay your mortgage. But as a house owner, there are a couple of things you can do yourself. To make sure that you don't risk to lose your home, there are a couple of steps to take:

1. Face the problem

When your lender sends a letter, or you get a telephone call; do not ignore it! Keeping your mortgage current has to be your number one priority and this comes before any other debts you have to pay.

2. Evaluate your situation

Write down all your expenses and make a personal budget plan. This way it will become clear what you are spending your money on. Maybe there are still expenses that you don't really need? Try to save yourself some money where you can. Apart from necessary bills like your mortgage (on the first place), other loans, supermarket bills, fuel bills etc., it may be a possibility to make a reduced offer of payment? If this is not possible, a reschedule of payments could be an option.

It is also advisable to ask your lender if you claim all the benefits that you qualify for. Your mortgage lender will help you for sure and the Citizens Advice Bureau could assist you too.

3. Cooperate with your lender

Make sure they are aware of your bad financial situation. Explain to them what the steps are you are willing to take to find a solution. It is important that you are honest during the whole process. If there are any changes in your situation, let them now it immediately.

4. Show your lender you are willing to pay all you can

In some cases, they allow home owners who are in financial trouble to reduce their monthly mortgage payments. If you get a reduced payment, make sure you KEEP paying the new amount every month!

5. Take only financial advice from people you trust

Your lender will be able to help and that is a great start. There is also the possibility to get free advice from organizations such as Shelter, National Debtline and Citizens Advice Bureau.

Be very wary of organisations and companies that ask you money for advice to refinance your mortgage. A fee is never asked from official government organizations! Beware of persons that ask money for their housing counseling services or home loan modification. The Government designed a special home loan modification program a couple of years ago which is called Harp program. Find out if you are eligible for a Harp loan with government help and visit the website below..

The author lost his home himself a couple of years ago. He created a website to help people who are facing financial difficulties to keep their home. Find out if you are eligible for a Harp Loan under the Harp program. This could give you some air again and solve your troubles so you could stay in your home!

Read about the Home Affordable Modification Program (Harp Program) now and get the mortgage relief you deserve.

Source: EzineArticles
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