In the last two years millions of people have lost their job.  Most of the time on this blog I talk about tips for getting a new job.  Today, I wanted to address what most Americans consider their biggest asset: their home.

I’m currently working on a reference book for the unemployed.  It will be just that, a giant list of resources for people who are looking for work.  One of the topics I researched for the book was the “Making Home Affordable” program.  This program alone can save you thousands of dollars a year!  Here’s an excerpt from the book I expect to release in digital format on this site later this summer…

How to Save Your House (Or Just Save Thousands)

If you’re suffering hardship (like the loss of a job,) you may have options for modifying your mortgage.  If your mortgage is guaranteed by Freddie Mac or Fannie Mae, you may qualify for refinancing or home loan modification.  Its possible your mortgage is owned by one of these agencies and you may not even know it!

http://makinghomeaffordable.gov/

Home Affordable Refinance

If you are current on your mortgage, but unable to refinance to a lower rate because your home value has decreased, you may be eligible for this program.  Refinancing through this program can raise your household cash flow considerably.  To learn more, go to http://makinghomeaffordable.gov or contact your mortgage servicer.

http://makinghomeaffordable.gov/refinance_eligibility.html

Home Affordable Modification

If you can no longer afford your mortgage payments either because of an increase in your payments or a decrease in your income, this program may help.  Additionally, if you’ve experienced an increase in medical bills you may be eligible for this program.

Individuals whose mortgages are guaranteed by Fannie Mae or Freddie Mac may be eligible if their mortgage payments are more than 31% of their gross income.

For more information go to http://makinghomeaffordable.gov or contact your mortgage servicer.

2^nd Lien Modification Program

Modifications to a primary loan may help an individual, but 2^nd mortgages may complicate finances further.  Check out http://makinghomeaffordable.gov for more information on the 2^nd Lien Modification program.

Home Affordable Foreclosure Alternatives (HAFA) Program

Individuals on the brink of foreclosure may have other options.  The Home Affordable Foreclosure Alternatives Program works with homeowners, mortgage servicers and investors to provide incentives for all involved parties to avoid foreclosure.  For more information, be sure to go to the government’s website: http://makinghomeaffordable.gov.