About 19 million Americans now spend at least 30 percent of their income on housing, a figure that the government considers to be financially burdened, based on an Associated Press analysis of the U.S. Census Bureau's 2007 American Housing Survey (AHS) released in September. People who have high interest rate mortgages or are having difficulty paying their mortgage should investigate refinancing to get lower monthly payments.
"The current housing climate combined with the credit crisis has many people fearful that they won't be able to qualify for refinancing. However, it's more important to recognize that if you are having difficulty paying your mortgage, you need to get help as soon as possible," said Gada. "Banks do not want to own homes, so contact your lender; the sooner you do this, the more likely it is you will have alternatives."
The U.S. Department of Housing and Urban Development (HUD) provides many resources to help homeowners with refinancing and avoiding foreclosure as well as provides a list of HUD-Approved Housing Counseling Agencies. Allsup also offers a free Refinance Interest Savings calculator to help people see the poten
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