More Relief--Maybe....

I just heard of another possible life preserver for anyone who finds themselves in trouble with their mortgage. Provided by Fannie Mae, it is NOT designed to save those who just simply got in trouble because they weren't careful enough in taking on too much debt in buying their home. Rather, it is directed at those in trouble with their mortgage purely because they fell afoul of what I call the 'Fatal Four'. The Fatal Four are: Life, Wife, Health and Wealth. They represent what are relatively temporary life events that can have major negative impacts on a homeowner's ability to pay the mortgage. The first, Life, refers to a death of a family member, along with all of the expense and emotional aggravation it carries. The second, Wife, refers to a divorce, and, yes, it obviously could just as easily be Husband, but that doesn't rhyme. Anyone going through a separation or divorce knows only too well how that can destroy family budgets and obliterate the monthly mortgage payment. Health is obvious. A major health crisis with its attendant medical expenses can kill your mortgage faster than anything else. I have had people in these straits tell me they had to choose between taking action to save their lives or paying the mortgage and, obviously, the mortgage lost. That's a very understandable choice, to say the least. The final issue, Wealth, is usually an issue when the homeowner loses his or her job, or, in some cases, has a major financial catastrophe other than the other three issues arise.
Folks who fall into one of these groups may be eligible for a small unsecured personal loan to cover the late payments on their mortgages, as well as the following regular payments until they are back on their feet and able to resume payments on a regular basis from their income. Called the HomeSaver Advance program, loan servicing firms will be able to offer borrowers a maximum loan of the lower of either $15,000 or 15% of the unpaid mortgage balance. The loan can be for as long as fifteen years at a rate of 5% interest. Not only can it cover mortgage payments, it can also be used for mortgage-related costs, such as lawyers fees, escrow costs or insurance payments. The borrower doesn't ever get to physically receive the money. Rather, it goes to the servicing firm, which applies the funds to the borrower's mortgage.
Qualifications: the borrower must have a mortgage loan that was sold to Fannie Mae, a requirement that is met by nearly a quarter of all mortgages. The original loan must be at least six months old, and the borrower must be behind at least two payments. Finally, the borrower must be able to prove that they have solved the problem that got them in trouble in the first place, and can afford the additional payments the new loan will require.
Is this for you? It's better than the alternative. You have nothing to lose by asking your servicer. Call NOW! The home you save may be your own.