The work of a single mother is never done. If you’re
newly single, maybe because of a divorce or other
reasons, and you suddenly find yourself underwater on your mortgage, you still have some options.
The best way to deal with the problem is to face it head-on. In the mortgage crisis the US is
dealing with today, many people choose to bury their heads in the sand and ignore the problem of an
unpaid house note, hoping it will eventually go away.
It won’t. And that’s actually the worst thing you can do when you’ve fallen behind on your
mortgage. The best thing to do is face the problem head-on. Get to the lender, sit down, and figure
out a plan. The good news is that if you decide to take action the first month you fall behind –
or, ideally, if you anticipate that you may start falling behind in payments soon – you stand a far
greater chance of keeping the home you want to watch your kids grow up in.
Institutional Mortgage Help for Single Mothers
When you visit your lending
institution where your mortgage is held, you need to make sure that you know what to expect.
There will be several options for mortgage help for single moms, and loan
modification typically includes the following steps:
- Determining Eligibility
Your lending institution will assess your
situation to determine whether you will be eligible for a mortgage modification
- Preparing the application
If your institution deems you eligible, you
willhave to fill out all of the necessary paperwork. Some institutions will even let you do
this online if you’re too ashamed or embarrassed to go into the bank.
- Submitting supporting documentation
You will usually be asked if you
can submit supporting documents to help the application process go a little more
- Signing and submitting the application
Once everything is ready to go, you just submit your application and you are ready to wait for your approval letter. In the due course of time you should get your share of government money for single moms and that should bring some respite to you in the short term.
Government Mortgage Help for Single Mothers
Making Home Affordable (MHA) is an
initiative under the Obama Administration, whichis designed to aid homeowners who are in
danger of losing their primary residence. The MHA initiative offers mortgage help through a
wide range of different programs – from interest rate reductions to
mortgage modifications, refinancing to deferred payments, there is an option for you. Simply contact the MHA if you want more details. If you can do some savings and also qualify for financial help for single moms, that should be double good for you.
If you go through the loan modification process and you wait the 30-day period thinking
everything will be ok, and the you’re denied… it can be heartbreaking. If this happens to you,
don’t simply sit on your hands and do nothing. There’s a better way. Contact the MHA initiative and
make a game plan with one of the representatives. In today’s housing market, it’s actually in the
best interest of the US for people to keep their homes. Both lenders and the government are doing everything in their power to keep people from losing their homes, so capitalize on this fact and get government assistance for single moms now while it’s so readily available.