Preservation and Foreclosure Prevention: Options to Help You Stay in Your Home

The Making Home Affordable Program

If you are looking for a way to make your mortgage payments more affordable, the federal Making Home Affordable Program may help. This program was created to help homeowners refinance or modify their mortgages to achieve monthly payments that are affordable for borrowers and will continue to be affordable in the future.

• Home Affordable Refinance: Are you paying your mortgage on time, but are unable to refinance to a lower interest rate, due to a decrease in the value of your home? A Home Affordable Refinance may be the solution. This program is designed to help eligible homeowners refinance into more affordable mortgages.
• Home Affordable Modification: Are you behind on your monthly mortgage payment because your interest rate has increased or because you now have less income? Are you already delinquent or in default? A Home Affordable Modification may be an option for you. This program is intended to help provide eligible homeowners with a mortgage payment they can afford.

For addtional information, please visit www.MakingHomeAffordable.gov.

Determining If You Are Eligible

If you think you may be a homeowner who will benefit from a Making Home Affordable Refinance or Modification, use the self-assessment tools provided on www.MakingHomeAffordable.gov. Once you have determined that you are eligible call your lender who will work with you to refinance or restructure your mortgage.

Additional Alternatives to Foreclosure

If you do not qualify for Making Home Affordable solutions, but want to work with your lender to keep your home, there are several options, known as “retention options”. Please ask your lender or a non-profit housing counselor about the different options that may be available to you.

In addition, the Take Root Milwaukee Hotline connects you with non-profit housing counselors who can provide information on a your options when facing foreclosure. Counselors can also act as facilitators for communication between your lender and you. Take Root Milwaukee provides free and confidential assistance to help you stay in your home. For a list of counselors, please click here.

Protect your future! Taking action early can help you stay in your home. Let us help you plan carefully before you make any decisions. Call the Take Root Milwaukee Hotline now, at 414-921-4149.