Help for Responsible New Hampshire Homeowners

"Housing Secretary Shaun Donovan stressed that homeowners don't need to be delinquent in payments to get help."

Responsible homeowners who pay their mortgages also worry about the falling of their home value, which makes it harder for them to refinance to a lower rate. If you're working a reduced hours and fearing about not making your mortgage payment on time in the months ahead, and that your lender is neither Fannie or Freddie, there is help available.

NH housing is expected to take part in the Homeowners Affordability and Stability Plan because the states housing market is seeing widespread foreclosure. NH homeowners will be pleased to hear that some are eligible for the program, since Fannie Mae or Freddie Mac backs most of the state's mortgages. New Hampshire Housing Finance Authority however is serviced by Dovenhmuele Mortgage which is not one of the two previously mentioned. To look up if your loan is being serviced by Fannie or Freddie, visit their secure website and enter your personal data for instant answer.

If hearing about all of this is more than overwhelming contacting a housing counseling agencies may be your best bet, and should be your first step, so you don't have to go through it alone. They can negotiate with your lender for free in coming up with a solution that will help you in avoiding a foreclosure. The Housing Partnership is one agency servicing Rockingham and Strafford counties residents.

If your mortgage servicer is not part of Fannie Mae or Freddie Mac or any of the government own institution consider calling your servicer. Continue to call since they are experiencing a high call volume at this time. If your lender is not part of the Mortgage Relief program, suggest that they sign up for the incentive program since it can help them as well. Current lenders are encouraged to modify mortgages to primary residences. For lenders to receive government financial assistance it would have to follow the proposed guidelines.

NH Housing loan may be able to assist with loan modification because of financial hardship in loan reduction. There is a $ 500 fee for this processing that can be part of the modification payment. HUD counsels for free if there are questions in your unique situation and maybe able to help in finding the best way in dealing with some of the mysteries. Modification is not a requirement for lenders.

The governor of the state NH has put together helpful material for residents needing more information on loan modification and other homeownership matters. There is a detail listing of what modification or foreclosure entails, from changing the terms of your mortgage to temporary suspending payments.

List of other participating lenders:

1. Bank of America
2. Carrington Mortgage Services
3. Chase
4. CitiMortgage
5. Countrywide
6. GMAC
7. Green Tree Servicing
8. Home Loan Services, Inc
9. Ocwen Financial Corp
10. Saxon Mortgage Services
11. Select Portfolio Servicing
12. Wells Fargo Bank
13. Wilshire Credit Corp

Sources:

http://www.npr.org/templates/story/story.php?storyId=100831082&ft=1&f=1001

http://ezinearticles.com/?Obama-Federal-Loan-Modification-Plan---Check-the-List-of-Participating-Lenders&id=2318059

http://concordmonitor.com/apps/pbcs.dll/article?AID=/20090219/FRONTPAGE/902190301

http://www.nhhfa.org/ho_MHAFAQ.cfm

http://www.homehelpnh.org/lender.htm