Save the Dream and Many Other Programs for Homeowners
Since 2008, there have been numerous government programs, both at the federal level and at various state levels, designed to help homeowners who are behind on their house payments. What is written about those programs this week often becomes outdated and incorrect by next month.
The important thing to do when behind on your payments is to look for any letters you received from your lender or servicer with the name of any housing agencies to contact.
The next thing would be to look for any Save the Dream programs that might be available in your community. However, working with these programs can be very confusing. Many times, multiple people are asking for documents, some of which are redundant and some of which are different. You will be told confusing, and often contradictory, information because of the number of different programs out there. That is because many programs have been tried, changed, discontinued, and restarted.
If you are going to work with one of these programs, it is very important for you to keep accurate notes and records of when you contact each housing counselor, what they ask
for, and what you talk about. Do not be misled into thinking that working with a housing counselor is going to solve all of your problems. Often, the bank will be doing one thing, and the housing counselor will be telling you something different. It is very important to keep track of who you are working with and what they say they can do at what time. It may take several months to figure out which program will work best for your particular situation.