The Best Foreclosure Help
The best foreclosure help is free assistance offered by state or government agencies. High foreclosure rates are associated with a high number of foreclosure scams. It is important to provide personal and financial information only to trusted agencies. The length of the foreclosure process varies in each state. Act immediately to save your home.
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HUD-Certified Counselors
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Although most lenders are willing to work with you to avoid foreclosure, their main goal is to collect the debt you owe. A counselor is similar to having an advocate on your side. HUD-certified foreclosure prevention counselors can advise you about your possible options and various assistance programs. Counselors are also able to explain the foreclosure procedure and homeowner rights under your state foreclosure laws. Assistance is free and customized to suit your situation.
Making Home Affordable
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In 2009, President Barack Obama implemented the Making Home Affordable program to help homeowners across the country lower their mortgage payments. Through the program, homeowners with Fannie Mae or Freddie Mac guaranteed loans can refinance, as long as they are no more than 30 days behind. Unlike refinancing through the lender, the home is not required to appraise at the purchase price. Loan modifications are designed to assist homeowners who are at least three months delinquent. A modification is a permanent adjustment to the loan terms, such as the interest rate or duration.
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Mediation
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Many states require lenders who file a foreclosure to offer the homeowner mediation services. Mediation allows the homeowner to meet face-to-face with the lender to reach an agreement. A neutral mediator conducts the session to ensure both parties are able to clearly convey their position. Mediators cannot give legal advice but provide unbiased suggestions and solutions. If your state does not have a mediation requirement, contact your lender directly to request mediation. You do not have to wait until the foreclosure is filed to participate.
Emergency Homeowners' Loan Program
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The HUD Emergency Homeowners' Loan Program is available to struggling homeowners in 32 states. The goal is to prevent foreclosure for those who are involuntarily unemployed or suffer a hardship. The program grants homeowners the funded necessary to cover up to 24 months of mortgage payments while seeking employment. When you are in immediate danger of foreclosure, up to $50,000 is available to cover a past-due balance. Once you are current on the mortgage, you can negotiate forbearance or refinance options with your lender. The assistance is awarded in the form of a loan carrying a zero percent interest rate. The loan is forgiven after five years of consecutive, timely mortgage payments.
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