Homeowners struggling with their home loan mortgage payment may benefit from the underwater mortgage Home Affordable Refinance Program from the Obama Administration. Homeowners struggling to make their mortgage payment have had trouble with refinancing options or home loan modification options due to owing more on their home than it’s worth.
Lenders have been unhelpful due to homeowners having an underwater mortgage, a second lien on their home, or simply because homeowners didn’t have enough equity built up in their home. While problems like unemployment and underwater mortgages are still causing frustration, some homeowners with an underwater mortgage are just asking for help in getting a more affordable home loan payment.
The Home Affordable Refinance Program is set in place to help those that have an underwater mortgage but still need a modification to make their home more affordable.
While not all mortgage lenders are working within all programs stemming from the home loan modification program, homeowners may be able to benefit from some form of mortgage assistance from their lender, so it is advised the talk with their lender for various mortgage assistance options.