Being Mindful of Assistance to "Survive the Pinch" Part I:

It is agreed my fellow Shrewsbury residents that many people are living paycheck to paycheck and making crucial decisions on how to spend and to save their money wisely.

It important to be aware of certain assistance programs that are targeting these individuals to help them reduce their mortgage debt during these difficult financial times.

President Obama provided incentives to several mortgage companies and banks to help their customers keep their homes either through loan modification or forebearance programs to avoid (the dirty word) "foreclosures" from happening through out the United States.

It is obvious that high unemployment rates and increases in daily living expenses are causing financial hardships and challenges to many Americans.

Unfortunately, many of these mortgage companies and banks are not providing assistance to distressed homeowners.

Instead, they are dragging out the process of deceiving many homeowners that they can apply for the above programs when in fact, many of them will be denied and referred to either Operation Now or Relief Council under the auspices of the Department of Housing and Urban Development.

Many of these homeowners who contact one or both of these federal programs are told to go back to their mortgage companies to apply again for assistance.

Both of these programs coach individuals how to sell their cases to their mortgage/bank providers to help them get approved for their requests.

Another tactic some homeowners are being told are to hire a real estate lawyer to advocate for you with your mortgage company for a lower rate in reducing in your monthly payments.

This strategy is an insult to injury as many homeowners are not able to pay attorneys due to their current financial circumstances.

Are HUD programs helping?

According to a recent Associated Press article on June 9, it stated that President Obama was disappointed that three major banks are not helping homeowners in distress.

It would be interesting to find out how many of the banks/mortgage companies in Massachusetts are approving financial assistance to homeowners.

Homeowners can contact their local political officials to voice their concerns and/or the Office of the Attorney General Office in Boston at their website.