Call your lender. If you are unable to afford the monthly payment on your present mortgage, they'll probably see if you qualify for a Making Home Affordable refinance or modification. The Home Affordable Refinance Program moves homeowners who are current on their mortgage payments into a more stable loan with a fixed interest rate. For more dire situations, the Home Affordable Modification Program changes the terms of an existing mortgage in an attempt to lower the monthly payment. The first thing lenders do under HAMP is lower your interest rate--to as low as 2 percent--to get a monthly payment that takes up no more than
31 percent of your monthly income.
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