New Mortgage Assistance Help

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The federal government and the mortgage industry are expected to announce today a new initiative to help homeowners facing foreclosure. As reported in this U.S.A. Today article, the program wil speed up the process of renegotiating delinquent loans held by Fannie Mae and Freddie Mac -- which owns or guarantees about half of all U.S. home loans.

As it appears from this initial report, the new plan will strike at the heart of the problem for many Americans -- falling behind on their mortgage payments to the point that foreclosure notices have begun to arrive in their mailboxes.

Far too often, homeowners who fall behind in their payments simply don't contact their lender to explain their financial hardship. This is probably the absolutely worst thing a delinquent homeowner can do because, to the surprise of many, lenders will work with that homeowner and put them on a payment plan and/or renegotiate their mortgage. This can be a lengthly process and the initiative announced today will hopefully speed up this process so that affected homeowners can not just stay in their home, but also work out a manageable monthly mortgage payment with their lender.

For those out there that are facing hardship, I would recommend that they call Hope Now. This alliance of mortgage lenders provides free consultation services and can help homeowners prevent foreclosure. Hope Now can be contacted at 1-888-995-HOPE.