How can mortgage mitigation help a struggling home owner?

The servicing company put those three payments on the end of the loan I just have to make one payment on Jan 20th and then Feb 20th, Mar 20th and then Apr 20th, then the mitigation begins. I get to skip May, June and July's payment and in Aug they will rewrite the loan to possibly as low as 4.8% fixed. There is no way I could've ever gotten that low of a rate if I had gotten refinanced. So anyone struggling, definetly call your lender if you haven't already. The way he explained it to me is the investors would rather rewrite the loan and get us back on track rather than deal with the over thousands of dollars in foreclosures.

There is also another form of help for homeowners who are buried in their homes and can't sell, the mitigation process will rewrite your loan at current market value and the government will reimburse the difference to the lender if the lender is in financial distress over too many of these loans being in danger of foreclosing. There is help for the consumer. Ask me anything it took me 2 months to get this done but DON'T PAY ANYONE TO DO THIS FOR YOU, YOU CAN DO THIS YOURSELF IT'S EASY. JUST ASK ME. there are companies out there that will tell you you cannot do what I just did they are full of crap don't listen.

Also don't pay those debt management companies either I just withdrew from one of them because when I told my credit card companies what I was doing they said no need if you are in a hardship we'll get the ball rolling for you. I got one debt reduce by myself 75% and I am workng on my other ones. Don't pay someone to do this, it is not that hard.

Nope! We bought a home within our means and a 15 year FIXED RATE mortgage over 6 years ago, AND had a sizeable down payment 35% due to the sale of our condo.

Nope! We bought a home within our means and a 15 year FIXED RATE mortgage

DITTO!

Sheri, thanks for posting this info. I am sure many CM's will find the info useful. I hope this is a bright turn for your future and will help you stress less about starting your business. Good luck!

Although I feel for you, that is BS for the people who pay on time and have a higher rate. So do I have to mess up to qualify for better terms? That's why this issue isn't fair. I say that all mortgages need revamping to allow all of us some relief in this economy.

Although I feel for you, that is BS for the people who pay on time and have a higher rate. So do I have to mess up to qualify for better terms? That's why this issue isn't fair. I say that all mortgages need revamping to allow all of us some relief in this economy.

Well I didn't intentionally screw up to get the help, and I was never ever late. Until my income because of this sh*tstorm that we are in of an economy dropped to less than half of what i was making and then my adjustable rate went up 2 points causing my payment to go up, I was clicking along doing the best that I could till I hit October and car sales plummeted and lenders stopped buying the people who wanted to buy cars. I tried putting my house on the market and the value has dropped on it kindof a catch 22. Can't afford....it can't sell it.

For the people who have a problem with people in need getting this assistance and if these people in need are having a hard time making their mortgage payment because of a variable rate or job or income loss would you rather these people let the houses get foreclosed on so your house value drops DRAMATICALLY. You cannot qualify for mitigation unless you have income to pay for it, I am still making up those payments they put them on the back of the loan. I guess all of you who put 35% down thank your lucky stars you might need the equity in your home if the economy keeps going the way it is. Would you like your home value degraded because you think this ISN'T FAIR.