Single Mother - My Choice

 
 

How to Find Good Mortgage Help for Single Mothers


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.

Mortgage Help for Single MothersIt 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

Institutional Mortgage Help for Single MothersWhen 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 quickly

  • 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

Government Mortgage Help for Single MomsMaking 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.