Obama’s “Making Home Affordable” program could stop Illiniois foreclosures
Though it’s still early in the game, President Obama’s Making Home Affordable initiative is on track to help an estimated 7 to 9 million Americans refinance or modify their mortgages, thus avoiding foreclosure. And it’s right on time, especially in states like Illinois, where one in every 369 households received a default notice, bank repossession or auction sale notice this February (as opposed to the national average of one in every 440), according to this CNBC slideshow.
Unfortunately, Obama’s program is already helping businesses. What’s so bad about boosting business, you ask? Nothing, as long as the companies are legit. Problem is, these guys aren’t.
You’ve probably seen and heard them: the flashy ads on your TV or messages on your machine promising to “save” your house—for a fee, of course. Last week, a guy called my house to tell me he had funds from the president’s program and wanted to help me with my mortgage. The fact that I don’t even have a mortgage (I’m currently renting) raised a red flag right away! What’s worse, some companies go so far as to pretend they are part of the program, with fake U.S. seals and all. Once the liars have your trust, they can sign you up for a shoddy mortgage or ask you to sign over the deed to your house, making your financial situation far worse than it already is.
Fortunately, there’s a surefire way to tell sleazy from legitimate business—they’ll almost always ask for money upfront. That’s your cue to hang up the phone, change the channel, or walk out the door. A company that cares about their clients will never ask for cash upfront and will never request payment without a service or product in return.
Find out the truth about Making Home Affordable—and whether you’re one of the millions of Americans who might benefit from the program—by going online to www.makinghomeaffordable.gov. If you’re having trouble making your mortgage payments because your rate has increased or you’ve suffered a pay cut, or even if you’re able to scrape by but you’d like to take advantage of lower mortgage rates due a decrease in your home’s value, this could be your ticket to keeping your home. Even if it's not, you still have options. If you ever have questions about your mortgage, know that they don’t have to go unanswered. You can find helpful information on our blog and website, or sign up for our debt analysis. Here at Debt Stoppers, our professional debt relief experts can clear up your financial queries—for free.