Though many posts on this blog thus far have been focused on mortgage acceleration and saving money on interest, this post will focus on ways to keep your home in this tough financial market. The problem that many people have run into, and maybe still are running into is that they get themselves into an adjustable rate mortgage (ARM) without understanding how much the monthly mortgage payment would actually adjust when the rate increased.

Luckily, for those of you who are still in your homes, many lenders have started, or will be starting homeownership retention programs that aim for ways to keep current owners in their current residence. For example, a quick Google search for “homeownership retention program” will bring you to the Countrywide Financial website:

Bank of America Announces Nationwide Homeownership Retention Program for Countrywide Customers. Program will systematically modify troubled mortgages with up to $8.4 billion in interest rate and principal reductions for nearly 400,000 Countrywide Financial Corporation customers nationwide.