A 30-year fixed-rate mortgage is also called a conventional rate mortgage. The rate that you see when mortgage rates are advertised is typically a 30-year fixed rate. The loan lasts for 30 years and the interest rate is the same—or fixed—for the life of the loan. The longer timeframe also results in a lower monthly payment compared to mortgages with 10- or 15-year terms.
The Salvation Army provides financial assistance to help with basic needs. If funding permits, the charity offers a rent and mortgage assistance program. To qualify for mortgage assistance, a foreclosure notice from the mortgage company is required. Applicants are screened to determine eligibility. You must have an income sufficient to resume making the payments. Prepare to provide proof of all bills, such as credit cards and utilities. If approved, a check for the month's mortgage is mailed directly to the lender.
The Federal Housing Authority gives mortgage assistance to anyone with a FHA loan. You can refinance your mortgage without going through a lot of difficult begging or bureaucratic red tape. They let you reduce your mortgage rates and skip a month's payment without a third-party appraisal. In order to qualify for this, you need to a) not have any late payments on your current loan, b) have a decent credit score and c) wait a minimum of six months between streamlining processes. Refinancing doesn't always reduce your rates - it just lowers them to the current rates. Always make sure you're getting a good deal before deciding to streamline or refinance.
If you’re behind on your mortgage, or having a hard time making payments, we want to get you in touch with a HUD-approved housing counselor—they’ve been sponsored by the U.S. Department of Housing and Urban Development. Your counselor can develop a tailored plan of action for your situation and help you work with your mortgage company. They’re experienced in all of the available programs and a variety of financial situations. They can help you organize your finances, understand your mortgage options, and find a solution that works for you.