The federal government launches a new Web site today:

The site is geared to two main groups: homeowners whose homes have lost value and cannot refinance; and homeowners who are having trouble making mortgage payments because their loans have increased interest rates or they’ve lost a source of income.

If you are in deeper water than that (perhaps you’re facing foreclosure), you should call the HOPE NOW hotline: 888-995-HOPE.

The site allows homeowners who may be having trouble with their mortgages see if they qualify for the new government program. The site also provides other resources:

  • Extensive information about the Administration’s Making Home Affordable plan

  • A calculator feature that allows homeowners to estimate the reduction to their monthly mortgage payment that they might stand to realize under the plan

  • Resources to find free, HUD-approved counseling services for borrowers who have additional questions

  • A handy checklist to ensure homeowners collect all the documents they need before calling their servicers

It’s scary when you’re struggling financially and can’t afford your home, but help is out there. Start with one of these government programs or by contacting your lender, but either way take some action. Doing nothing will let the situation get worse on its own.

March 19, 2009