Mortgage borrowers flock to housing conventions for payment help

January 10th, 2012

Homeowners are lining up in droves to get help with troubled mortgage loans. Hundreds of people recently attended an event in Atlanta, Ga., sponsored by the Neighborhood Assistance Corporation of America aimed at helping homeowners who are having trouble making monthly mortgage payments, reported the Atlanta Journal-Constitution. Events like this have been held across the country as the housing crisis has threatened the ability of many Americans to keep their homes.

Housing counselors and mortgage lenders are among the attendants of these events, and they may try to work out some kind of loan modification on the spot for qualified borrowers. Mortgage lenders also may offer potential home buyers a chance to get preapproved for home loans. If you plan to attend this type of event, be ready to document your financial situation to show why you should get help with a mortgage.

Using mortgage calculators

If you aren't sure whether attending an event focused on modifying home loans can help you, use a free mortgage calculator to investigate other options that may be available. Having some equity in a home could help you qualify for a refinance. The refinance calculator allows you to compare your existing mortgage with a new loan. You'll need to know how the amount of your original loan, time left paying on it, remaining principal and other information. When inputting information on the new loan you'll need to include any points, closing costs and cash being brought to closing.

Running the numbers through an amortization calculator can also show you what your monthly loan payments would be on a refinanced mortgage. The amortization chart breaks down the principal and interest payments for each year of the loan.

Getting the help you need

Whatever your situation is there may be help available. Don't hesitate to contact your mortgage loan servicer or a housing counselor to sort out all your options. Asking for help before things get too out of control could help you avoid going into foreclosure or even bankruptcy.

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