There is also a program called HAMP which helps homeowners who are having trouble making their mortgage payments. The eventual outcome is a new mortgage with low interest for 40 years. I went the conventional way so I am just passing this along.

where can we find out more information about this
hugs lynne

Wow - I feel so bad. I just looked this up to see more info. The woman in the office told me this was done by Obama and was a new federal program but she must be wrong. This is only for property in Illinois.

As I mentioned earlier, I refinanced my home. Not everyone can, but if you are paying a higher interest rate, shop around for the lowest rate. I ended up going with Lendingtree.com because they were so much lower than my credit union. That surprised me because I have always done business with my credit union. My payments now are the same as they were, but my taxes and my insurance are now (escrowed in), part of my house payment. No more getting slammed every time the taxes are due. I wouldn't have been able to stay here eventually if I did not make this change. Yes, it added 5 years to my house payments...no that doesn't bother me as much as losing my house eventually would have.

With just one income we often have to make some really radical changes.

When Denny first died, I shut off anything that I didnt' have to have... and shopped around for the cheapest rates for anything that I did need. I hated that, but I survived it.

My Mom was widowed a year and a half before me and I could see how her inability to make any changes made everything fall apart around her after losing my Dad. I knew early on that I couldn't just stick my head in the sand or I too would lose all that Denny and I had worked so hard to build.

I'm still learning and still making changes. It's all an uphill climb...that's for sure...
hugs...
-Diana

If you are interest in finding out about the HAMP program you can google HAMP

I refinanced my home too. We had a terrible interest rate. I went with Churchill Mortgage and that is who Dave Ramsey recommends. They were great. Very personable, and honest. I got a super low interest rate with taxes and insurance rolled into my house payment each month thru escrow. My house payment is $100 less per month, and I shaved off 5 years from my home loan. I will have the house paid off by the time I retire. From start to finish was around 30 days.

Nessie from KY

That 25k will not help me in my situation. A refy will not help me either. I will have to leave my home within 2 months.

st3v3ss i am sorry you are losing your home.i gets so upset cause alot of people are forced to leave thier homes like you. we never expect for our income to be cut like this - it is upsetting

I won't know until June when my social security stops for my daughter what exactly will happen - but they sounded pretty promising - especially since my loan is thru Freddie Mac. They say more than 50% are thru either Fannie Mae or Freddie Mac - I had not idea mine was and was surprised when I found out. If it is thru either of these programs they are pretty much required to work with you. You can look it up online to find out if your loan is thru one of these.

I was told that all the programs they have tried so far are not really helping people stay in the homes - so they are expecting even more to come out within the next 6 months. So - we'll see.

I'm sure your information will help someone here. I have my home paid for so I'm lucky in that respect. Just need to get a new roof. But thankful I have a roof with leaks and all with so many losing their homes.
Cie

Hi,
I am a housing counselor and I am very familliar with all options.There are many options to keep your home and every situation is individual.Please don't give up and if you need help, what is free of any charge, contact me directly. I can guide you through the process.
Don't just give up and don't pay anyone who promisses help.

If you're directing this to me - I haven't given up at all. The woman at CEDA was very positive and spent a lot of time with me discussing all the options. We agreed that it would be best if I wait until I stop receiving the social security before I apply for help since she said they won't do anything until I actually stop receiving it - unless I want to apply under my current income.

My mortgage is very high right now (escrow just went up another $350 too) but I can wait another 6 months.

I agree - it is terrible the way people pay money for help when there is so much available free service that many don't know about.

Hi, I was directing to you.Please don't wait, the banks always say to wait but the process is so long and it will take a lot of time to prove again and again everything.Just ask for an application and submit everything

The woman at CEDA is going to do it with me. But she stated that I must submit my earnings for for they currently are - and right now they are $1400 a month more than they will be in June. I asked if I could submit early (which is why I went down there in the first place at this time) and she was insistent that the banks must see my CURRENT earnings - they will not accept or necessarily believe what future earnings will be until they happen. I'll contact her again in a few months just to verify again.

Just last year my husband went for a 4% rate and refinanced and thank God he had included escrow in the payment for ins and taxes but that still leaves me iwth at 2600 a month mortage payment! I am on disability and his pension died with him so I have no clue where this will lead now. I guess it will force me to sell and get out of here. It might be for the better in some ways.