Many people call it the Obama Mortgage. The official program called Making Home Affordable, and since early 2009, this program has offered hope for homeowners trying to avoid default and foreclosure on their home loans.

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Why You Don’t Need to Pay for Help with an Obama Mortgage

Millions of Americans need of help and homeowner bailout information to protect them from late home loan payments, loan default or even foreclosure. It’s easy to understand why borrowers seek professional financial help and why some are even willing to part with some hard earned cash to get sound advice. In spite of homeowner bailout programs like Hope For Homeowners and the Obama mortgage, there is still much confusion about which program to use, who is eligible, and how to apply.

If you have an FHA loan, VA loan or any other government backed loan, you never need to pay for assistance. Help is available through the HUD hotline (1-888-995-HOPE). Financial counseling is always a good thing, but always take advantage of your free resources first. HUD is only the first step for some homeowners; do you need assistance with a VA loan? Call the Department of Veterans Affairs for help at 1-800-827-1000 to get advice on refinancing, who is eligible for the Obama mortgage and how the rules apply to your situation. Do you need assistance with questions about the Obama mortgage or Making Home Affordable programs? Get help directly from HUD about the specifics of the Obama mortgage by calling (202) 708-1112.

Not only is it unnecessary to pay for help with the Making Home Affordable program, HUD is warning borrowers not to pay for assistance with Obama mortgages. HUD urges homeowners to remember this important fact—all help with determining eligibility, getting complete information or submitting paperwork is available for free.

Don’t accept help from anyone charging a fee for help with an Obama mortgage. The same goes for companies or individuals who ask you to transfer the deed of your property to them in order to save the home. Always work directly with your mortgage company or loan officer to resolve home mortgage issues. The Making Home Affordable official website recommends never paying your mortgage to anyone other than your lender unless you have the written approval of your finance company.

Government homeowner bailout programs like the Obama mortgage, VA refinancing and others are designed to help people in bad financial situations avoid going further into debt. Companies that charge a fee for assistance with programs like the Obama mortgage or Making Home Affordable are attempting to take advantage of confusion those in need of these programs often have.

Should you hire a financial counselor? You may decide professional advice on how to rearrange your spending and bill paying is a good move, but when it comes to any government program—HUD, VA loans, or FHA mortgages—never pay to get information or advice on how to proceed. The government has all the information you need for free.