Losing sleep over your home loan?

Military families: losing sleep over your home loan?Over the past few months, my husband and I have been working with Housing Urban Development (HUD) housing counselors to modify our home loan and learn more about our mortgage options. It has been overwhelming to dig into the nitty-gritty details of the various government programs available to homeowners and to comprehend the fine print of our current mortgage.

Our situation is not unique and I know I’m not the only one losing sleep because of my home loan.

The National Military Family Association has heard from military homeowners across the Nation regarding their struggles with selling a home when they have orders to relocate. When PCS orders arrive, military families too often find their home is worth less than what they owe. In many cases, a LOT less.

While some families find renters, others struggle to maintain two house payments and make ends meets, or are forced to sell at a loss.

To help military families avoid foreclosure, the Treasury Department updated guidance to its Home Affordable Foreclosure Alternatives (HAFA) Program that may help in some circumstances. HAFA pays incentives for a short sale or a Deed-in-Lieu (DIL) of foreclosure used to avoid foreclosure when a borrower is financially unable to continue to pay their mortgage. Under the guidance, service members who cite a PCS order as the basis for their financial hardship when asking for help under HAFA will now be eligible even if their income has not decreased.

Our Association is continuing to work with policymakers to create better solutions for military homeowners. If you’re a homeowner losing sleep over your home loan, seek help (888-995-HOPE) and learn more about your options. Your sleepless nights might become a thing of the past.

What are your concerns as a military homeowner – could  the HAFA program help you?

hannahPosted by Hannah Pike, Communications Deputy Director at the National Military Family Association

One response to “Losing sleep over your home loan?

  1. this post clear my concepts about home loan/

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