Legitimate Foreclosure Help
Foreclosure is a legal process in which a lender takes ownership of property that it holds as collateral when the borrower defaults on a loan. Since the economic crisis in 2008, several families have faced foreclosure. Fortunately, legitimate help in dealing with foreclosure is available.
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Who Offers Foreclosure Assistance?
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Your lender should be the first source you approach for foreclosure help; however, non-profit organizations, as well as the government can provide you with foreclosure assistance.
What Type of Help Do I Receive?
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You can receive counseling services to help you deal with the foreclosure, as well as financial services such as budgeting, and modification programs to stop your foreclosure. The government offers the Home Affordable Modification Program to qualified homeowners to reduce their mortgage payment to less than 31% of the household income. The government also offers home counseling, which can be accessed by calling 1-888-995-HOPE.
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Is There a Cost?
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Legitimate foreclosure help is usually provided for free. The federal government programs, as well as your lender should not charge for homeownership assistance or modification programs. If you are being charged for foreclosure assistance, contact the Federal Trade Commission at 1-877-FTC-HELP.
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References
- Photo Credit house image by Brett Bouwer from Fotolia.com
