The financial crisis led to a variety of government mortgage help programs. Unfortunately, they can be difficult to find. Advertisements talking about new legislation rarely lead you down the right path. Let’s review what the programs are, and where you can find real government mortgage help.
Finding Government Mortgage Help
The best way to get good advice is to go to the source. Talk with a HUD approved counselor about any government mortgage help programs you may qualify for. They’ll know what’s available to you after you tell them your story.
You should not pay a fee for government mortgage help programs. Counseling is free. Be especially wary of anybody asking for fees.
If you do a loan modification with your lender, you may have to pay a fee, but that would not be part of a government program - it’s just an agreement you come to with your bank. Some legitimate government mortgage help programs involve modification, so you may or may not have to pay.
If you refinance, you may also have to pay costs and fees. However, you pay those fees to your lender - not a counselor.
Government mortgage help programs evolve over time. Depending on what lawmakers are trying to achieve, programs come and go. For a listing of available programs, including Making Home Affordable and other programs, see our page on mortgage help.