Unemployed and underwater borrowers to get more government help

Lita Epstein
Updated
underwater home
underwater home

If you're unemployed or your home is severely underwater, help is on the way. The Administration announced additional options for struggling homeowners to get help and explained the program during a press briefing Friday. You won't be able to call your lender right away, but you can call 1-888-995-HOPE (4673) for help with the Making Home Affordable Program and speak with a HUD-approved housing counselor for more information.

Underwater borrowers
Borrowers whose homes are underwater will be able to get help in two ways. If you're making on-time payments you may be eligible for a refinance with an FHA loan. If you're 60-days delinquent or more, you'll need to apply for help through the Home Affordable Modification Program (HAMP).

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