Government help for foreclosure.

You've probably heard a lot about steps the government has taken to try to help borrowers stuck in this foreclosure mess. Well, here's some information about the programs currently available and how they will help you:

Hope Now -Dial 888-9995-HOPE(4673) to speak with a counselor 24 hours a day, seven days a week. It's set up to help borrowers with adjustable rate mortgages originated between 1/1/2005 and 7/31/2007 and which will reset between 1/1/2008 and 7/31/2008. However, something not mentioned is that they'll be able to help anyone by pointing them in the right direction and by helping renegotiate any mortgage.

Project Lifeline -The following six banks: JP Morgan, Washington Mutual, Citigroup, Countrywide, Wells Fargo and Bank of America are participating in a program where they will contact the borrowers who are late by 90 days or more to work out a plan that will hopefully help you avoid foreclosure. In the process, they will postpone foreclosure proceedings an additional 30 days.

FHA Secure-As part of the stimulus package recently passed, the government raised the loan limits on FHA loans and also conventional loans sold to Fannie Mae and Freddie Mac. This should allow borrowers in high cost states to refinance their loans. On 4/9/08, HUD offered another welcome change to the FHASecure program that will allow people who are 2 months behind or who have had 2 late payments in the last 12 months to refinance at a 97% LTV. It will even allow borrowers who are 3 payments behind or who've had 3 late payments in the last 12 months to refinance at a 90% LTV. This is great because it'll allow you to get great FHA rates even if you're encountering payment problems, so take advantage of it.