This year has been a pretty big struggle for our family (actually the last 2-3 have). My husband and I were (I still am) self employed and the recession took a hard hit on our businesses even before people were complaining that we were in a recession. We just happening to be in what one might consider semi- luxury industries. He was photographing homes for the real estate market for 7 years and I was part of the wedding industry for 15 years. These were both hard hit.
Finding steady work since both of those income streams really tanked for us has been a real task. My husband has probably done 100s of resumes over the last few years and did get jobs- only to have them cut short because of layoffs and other issues. And back to the drawing board we were (only to find out the there were 500 applicants for jobs he was applying for).
I know many of you may relate to this type of scenario- or at least something similar. I have heard friends and acquaintances speak of deep pay cuts after 20 years of service at a job or layoffs due to the fact that they simply were at the top of the payroll. It just is the season we are in. We have friends that have lost their incomes and then their homes. And we are not far behind them.
This brings me to the Making Home Affordable program that was introduced earlier this year. My husband I learned that some people we know had done the paperwork for this program and had a significant reduction in their mortgage (over $1000 monthly)- for the life of the mortgage.
Our interest was definitely peaked, we had not heard of Making Home Affordable but we thought it was worth looking into.
Apparently this is a government introduced program to help people with their mortgages, whether you are in default or not. You fill out a ton of paperwork about your current income and then you will negotiate with your lender in order to make your mortgage something you will be able to pay every month.
So we are in the middle of preparing all of our paperwork and will submit it shortly to our lender- then we will pray. We have no idea if anything will happen- we could get no reduction, although we qualify in every way.
Seriously, in the end losing our house is not an option I would really like to take. But it is just a house.. it is what it is. But not to take this opportunity to try to fight would be silly.
I will let you know of the outcome. And I hope this information is helpful to an FFD reader (or someone you know). Because I know some of you are struggling out there, just like we are.
If you have experience with Making Home Affordable please let us know and if it is something you plan to take part in- share your journey with us.
Note: Please make sure you are at the true Making Home Affordable site through the US Government. This is a no cost program- so if anyone wants you to put out any money to apply you will know that you are dealing with someone who is not genuine.
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