First of all, it’s voluntary for the bank.It sounds altruistic on the part of the banks, but it’s really not. If you meet certain requirements, you may be eligible for the Making Home Affordable Program, a voluntary program, in which banks either refinance or modify your loan, to help you better afford your mortgage. Since so many people are upside-down in their mortgages, and since so many mortgage companies behaved unethically in approving loans that shouldn’t have been approved, the government stepped in to provide an option for homeowners who cant afford their mortgages. By contacting your lender as soon as there’s a problem, you will preserve your ability to make choices, rather than be left with foreclosure as your only option. The longer you wait and the more behind you get, the fewer options you will have. That can be a scary thing to do, but it’s necessary. The firs thing to do when you can’t make your mortgage payment is contact your lender. What are your options, if you are a homeowner who can’t make your mortgage payment? There aren’t many, but you do have some choices. That’s a lot of foreclosures! And that’s a lot of people who find themselves unable to make their monthly mortgage payment. January was the 11th straight month that more than 300,000 properties nationwide received a foreclosure filing. Foreclosures continue to plague the country’s housing market.
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