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Thoughts on Walking Away From Your Home Loan

If you’re among the millions of people who will not qualify for the Obama administration’s program to help troubled homeowners, you’re probably wondering what you’re supposed to do now.

Perhaps you no longer have enough income to pay your loans. Or you can afford the payments but don’t qualify for refinancing under the new plan because the value of your home is too far below the balance of the loan. If you’re far enough underwater, you’re probably questioning the wisdom of writing a monthly check on a place that may take 10 or 15 years to get back to the value it had two or three years ago.

Home loan relief becoming available

By Mary Beth Breckenridge
Beacon Journal staff writer

POSTED: 11:42 a.m. EDT, Mar 13, 2009

The mortgage relief promised to struggling homeowners is finally becoming available.

The U.S. Treasury Department released guidelines last week for Making Home Affordable, a program that lets homeowners refinance or modify their mortgages in the hope of avoiding foreclosure. That means loan servicers can begin offering the loan relief immediately, said Jenni Engebretsen, a spokesperson for the department.

Making Home Affordable is expected to help up to 9 million homeowners, the department estimates.

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