Having trouble making mortgage payments, find some Hope Now

Did your mortgage payment just increase due to your Adjustable Rate Mortgage adjusting UP? Are you already in default on your mortgage and need some help out of trouble? Maybe there is some Hope Now on the way.

President Bush announced in December of last year an initiative entitled Hope Now, which is a voluntary action or alliance with mortgage lenders to help borrowers in their time of need during this 'mortgage crisis' we are currently experiencing. This could help those people that have an adjustable rate mortgage, in which their payment has increased so much they are unable to make payments on time. You may be eligible for a rate freeze for a set period of time, which may allow you time to work out a better solution with your lender. Or you may be eligible to refinance your loan at a fixed rate.

If you feel like you could benefit from this service, please contact a Hope Now counselor by calling them at 888-995-HOPE (4673). There is someone available 24/7. When you call this number you will be speaking with a HUD (US Housing & Urban Development) approved counselor to discuss the details of your situation. You may want to allow an hour or so the first time you call and you may even have to talk with them on more than one occasion. But the results could be the difference between keeping your home or being foreclosed on.

Another bit of information concerning the mortgage crisis: President Bush signed into law a mortgage debt forgiveness law, that will not require you to pay federal taxes on debt forgiveness which was part of a loan workout agreement with your lender. This is in effect for the next 3 years. Typically, when a home owner sold their home as a short-sale (sold home for less than what they owed the bank), the home owner had to pay federal taxes on the amount that was forgiven (or the amount of loss the lender took because it sold short of the amount owed) . With this new law, that debt forgiveness will not be taxed.

Although this may be a difficult time for you at the moment, I would highly suggest you attempt to work out a plan with your lender directly or through a Hope Now counselor. I have spoken to, and heard about, borrowers being able to work out sensible plans of repayment with their lender, why not try today. You may be glad you did.