Hope Now and Loan Modifications

We are always looking for websites to share with you that provide value; and this month we've found one that provides major value.  There is a website that is part of the federal government's Hope Now program for people concerned about their ability to make their mortgage payments.  If you are a homeowner, and would like assistance negotiating with your current lenders for a Loan Modification (not a refinance), hopenow.com may be able to help.  This is a free program.  Full text has more details.

I recently learned of this program, and thought I would try it.  I completed the online application, and within a week received their formal analysis.  Now, I am working with them to negotiate a loan modification with my lenders.  A Loan Modification is a change in your original loan's terms.  It is not refinancing.  A common term that the lender will change is the interest rate.  And a small change in rate can have a big change in the monthly payment.  Generally, lenders would rather have you stay in your home and keep making payments, so it is often in their best interest to work with you.

The hopenow.com website provides additional information about the program, and directs you to several of their counseling partners.  The counseling partner I chose was the CCCS of Atlanta since they enable you to submit the application through the internet.  Their website is cccsatl.org and their online application process starts here: onlinecounsel.cccsatl.org. 

Since I have not finished their program yet, I can't report to you how it went, however, I will keep you posted as I move through the process with them.