You are not alone. Did you know that 2319 people in San Diego have received notices of default in the first five months of 2015, according to foreclosureforum?
Here are some tips I found that may help if you are behind on your mortgage, there is a program for you called HAMP that can easily help you.
Here are the five most common HAMP FAQ Questions:
Q: There is currently a HAMP modification available; one can make use of the new principal forgiveness program?
You may make use of the new principal forgiveness program. Servicers are going to be looking at the loan whether it had been modified at this time, they’ll determine whether principal forgiveness will bring this nearer to market price.
Q: Will I be eligible for HAMP principal reduction?
Your home should be worth no more than 15 percent under the first mortgage. However, this will not be an advantage to each all customers. If you’re qualified, contact your service provider and they’ll get back in contact with you.
Q: How do I become eligible for a temporary assistance for unemployed home owners?
To begin with, your mortgage must satisfy the HAMP qualifications, which means your home should have financing balance of under $729,000 and be occupied by the owner. Additionally you must give proof that you’re receiving unemployment insurance benefits, as well as your assistance will be asked for within 90 times of your delinquency.
Q: I lost my job and can’t pay my mortgage. How does this help?
You will get between three and six months of temporary forbearance. Throughout this time, your obligations do not need to exceed greater than 31% of your monthly income. Following this duration of forbearance, it’ll then be determined whether you are able to remain in your house while you still search for jobs. If you fail to secure a job throughout this time, you may be considered for HAMP options like a short sale.
Q: Can I be eligible for a HAMP after I have declared personal bankruptcy?
Because of the new enhancement, your servicers are required to consider you if you or your bankruptcy counsel request help.
For more information, visit MakingHomeAffordable.Gov