In the challenging economic times that we face, there are many homeowners that need information to assist them in exploring options on financing and hopefully find a vehicle to allow them to continue home ownership in the future. The accompanying list of sites are very good sources that provide detailed information to allow homeowners to make intelligent decisions. If there is additional information that you require, please contact me at your convenience. And please be sure to share this with anyone that may need to review their financing options.

Making Home Affordable Program The Making Home Affordable Program includes opportunities to modify or refinance your mortgage to make your monthly payments more affordable. It also includes the Home Affordable Foreclosure Alternatives Program for homeowners who are interested in a short sale or deed-in-lieu of foreclosure.

U.S. Department of Housing and Urban Development (HUD) The HOPE for Homeowners (H4H) program was created by Congress to help those at risk of default and foreclosure refinance into more affordable, sustainable loans. H4H is an additional mortgage option designed to keep borrowers in their homes. HUD has also developed guidelines for helping to avoid foreclosure, as well as a list of HUD-approved housing counseling agencies for those already struggling to save their home.

Pennsylvania Housing Finance Agency (PHFA) PHFA has established the Foreclosure Mitigation Counseling Initiative to help interested homeowners to save their homes. Twenty-eight counseling agencies in the PHFA Comprehensive Housing Counseling network are participating in this program.

Home Affordable Foreclosure Alternatives (HAFA) The Home Affordable Foreclosure Alternatives (HAFA) Program provides additional options to avoid costly foreclosures and offers incentives to borrowers, servicers and investors who utilize a short sale or deed-in-lieu (DIL) to avoid foreclosures.

Project HOPE NOW HOPE NOW is an alliance between HUD-approved counseling agents, mortgage companies, investors and other mortgage market participants that provides free foreclosure prevention assistance.

Also below are the contact numbers for the loss mitigation department for a few of the major lenders:

Ameriquest:  800-221-6926

Bank of America:  716-635-2982

Chase Manhattan Mortgage Corp:  800-446-8939 x 3553

CitiMortgage:  636-256-5088

Countrywide:  888-435-3102

GMAC:  800-850-4622

US Bank:  888-780-3997

Wells Fargo:  866-261-5642