Five Options to Keep Your Home
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Five Options to Keep Your Home

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June 8, 2017

Written by Gina Sanchez Juarez, Manager of the Center for Financial Stability at La Casa de Esperanza, Inc.

Are you a homeowner struggling to pay the mortgage?

Taking action now can help to keep you in your home. Here are 5 options that may help you:

  1. HARP. HARP is the Home Affordable Refinance Program offered through the government to help homeowners who may not qualify for a traditional refinance due to loss of equity or owing more than what the house is worth. Good news! The program has been extended until September of 2017. Learn more.
     
  2. Refinance. A new mortgage with new terms, interest rates, and monthly payments. A new loan completely replaces the current loan and may lower your payment. Talk to your loan servicer to see if you are eligible.
     
  3. Repayment Plan. Talk with your loan servicer about repayment options they may have available to get you back on track.
     
  4. Forbearance. Talk to your loan servicer about a forbearance option that will temporarily suspend or reduce payments for a specific period of time. 
     
  5. Modification.  An agreement between you and your mortgage company to change the original terms of your mortgage, such as payment amount, length of loan, interest rate, etc.

Don’t wait until it is too late. Even if you anticipate a future problem paying your mortgage, your chances to keep your home are best when you take action as soon as possible.

For additional help, call the U.S. Department of Housing and Urban Development (“HUD”) at 1-800-569-4287. Enter your zip code to be referred to a certified counselor near you.  

Learn more about United Way’s work in Financial Stability.

Impact 2-1-1 is a 24/7 hotline to get connected to services you need: emergency food, health care, mental health care, emergency shelter, affordable housing, and much more. Learn more.

 

 

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