I know that times are tough and some of you may have mortgages that seem to eat most of your paychecks and savings.  Maybe a job loss, divorce or a loan you signed for was a good choice at the time but a bad decision in the long run..these chain of events could lead into major financial crisis.

Not sure if you are aware that there is help out there and thanks to President Bush, His Hope Now Initiative can in fact get you on the road to financial recovery.

Part of the initiative is that if you have obtained a subprime adjustable rate loan some lenders, loan servicer and mortgage investors may allow a freeze on your rate which might help to keep homeowners in their homes.

This program is not suitable for all but may in fact help you through your own personal crisis.  Here is important info that may help you..

There is now a counseling hotline, the phones are manned by HUD-approved counselors in connection with the non-profit organization Homeownership Preservation Foundation.    

1-888-995-4673

45 minutes and your life can change, in most instances that is the time you will be on the phone with a counselor. 

They will gather information and if you are current and expect to stay current after your rate adjusts but are looking to refinance into a loan you can afford, there is a good chance this initiative may be for you.

There are some stipulations such as

• No Home Equity lines
• Must have secured financing between January 01, 2005 to July 31, 2007
• Adjustment of rate to happen between January 01, 2008 to July 31, 2010
• must be current on your loan

Regardless of the situation you are in..if you risk losing your home…these counselors may still be able to assist you.  The more info you gather for them the more likely they can help you so get those vital docs out before you make the call.

They estimate that over 1.2 million borrowers are in similar situation as yourself… so don't be too proud..or leary make the call. 

Many loan providers are quite flexible.  Keep in mind they have many REO properties and really they don't want anymore.

If you are not current on your mortgage I would still call the counselors.

While they might not be able to help you with rate adjustments they may in fact have other solutions. 

If you need help…reach out…remember time is of the essence. 

One of the biggest mistakes a homeowner can make when they are behind on their payments is not do anything at all.  Please think about your future and just make that call!     

1-888-995-4673

If you are facing foreclosure there is help nationwide!

Disclaimer: The opinions expressed by The My Homequest Real Estate Service Directory and it's members and those providing comments are theirs alone, and do not reflect the opinions of Midori Miller and CENTURY 21 Sundance Realty. Midori Miller and CENTURY 21 Sundance Realty are not responsible for the accuracy or content provided by The Community.

The 2007 average closing cost of $2,736 has gone up to an average of $3,118 in 2008, a 14 percent increase. New York City at $4,016 is the most expensive place to close. North Carolina is the least expensive area with an average fee of $2,650.

Here are the top 10 most expensive states to pay closing costs.

New York: $4,016
Texas: $3,975
Florida: $3,683
Oklahoma: $3,558
New Mexico: $3,465
New Jersey: $3,432
Pennsylvania: $3,411
Alaska: $3,409
Colorado: $3,358
California: $3,321

Source: Bankrate.com (08/07/08)