How to Prevent Foreclosure in West Virginia
You work hard to achieve the dream of owning a home. Unfortunately, unexpected circumstances can lead to a financial hardship leaving you unable to afford your mortgage payments. If you are a West Virginia homeowner concerned about the possibility of foreclosure, assistance is available to keep your dream alive. Since the foreclosure process occurs quickly in the state, you must act at the first sign of struggle to increase your chances of saving the home.
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Foreclosure Prevention Counseling
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Homeowners in West Virginia who participate in foreclosure prevention counseling will receive assistance, guidance and useful information to help them fight foreclosure. Counselors are trained to evaluate your finances and loan details to explore possible options. If you need help communicating with your lender, the counselor can negotiate on your behalf. Consolidating debt, prioritizing spending, refinancing, modifying the loan, suspending payment, selling the home or filing bankruptcy are some of the many solutions that can help a homeowner avoid foreclosure.
Emergency Homeowner's Loan Program
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West Virginia is one of 32 states participating in the HUD Emergency Homeowner's Loan Program. Homeowners who are unemployed or suffer a financial hardship can receive a loan of up to $50,000 to cover mortgage payments or pay the past-due balance. The loan is interest-free, with a balance that declines by 20 percent for each year of timely mortgage payments. After five years, the loan is forgiven. Contact your West Virginia lender to apply for the program.
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Legal Aid
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Pro bono attorneys dedicate their services to help low-income homeowners throughout West Virginia. If you meet the income qualifications, you can receive legal advice or representation at little or no cost. Legal Aid of West Virginia is one of many legal aid organizations. Through its website, homeowners can locate local legal aid offices or pro bono attorneys. Other charitable organizations are also listed on the site.
Loan Modification Scam Prevention Network
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The Loan Modification Scam Prevention Network offers homeowners the necessary resources to identify, avoid and report foreclosure scams. If you report a scam through the network, a trained volunteer will contact you to obtain detailed information about the scam. The volunteer will transmit that information to the appropriate law enforcement agency. Links are available on the website to directly connect homeowners to appropriate agencies, including the Better Business Bureau, Office of the Attorney General and Fannie Mae. Explanations of various assistance programs, such as the Making Home Affordable program, are also available through the site.
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