With the mortgage bailout, what is the Government agency that helps homeowners to refinance their mortgages to avoid foreclosure?

The recent bailout of Wall Street, all $700 billion does not do much for homeowners facing foreclosure. There is no specific Government agency setup to help homeowners refinance their mortgages, and there are no real guidelines for the best steps for refinancing your mortgage to avoid foreclosure.

How To Refinance A Foreclosing Home

Luckily, however, there are some simple steps you can take you help correct the situation yourself without the help of Government.

It’s important to take these steps before you miss a payment, because it will give you more leverage and make it more likely that you’ll be able to refinance your mortgage. Your first steps are the following:

  • Contact your realtor, tell them your problem and see if they can point you in the right direction.
  • Contact your mortgage broker. They are the ones who financed the home to you, and may be able to help.
  • Contact your bank. This is the most important contact. You owe them money, and they want their money. You need to negotiate a repayment plan that keeps you in your house and they keep their money.

Your goal is to stay in your home, and be able to make your monthly mortgage payments. Government assistance will be coming, and your local City or County Governments may be able to help you in the refinancing process.

Stay positive, stay calm, and attack this problem one step at a time, and you can take the place of what Government should be using this $700 billion for in the first place: saving homeowners from foreclosure.

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