Video: How Can the Government Help You Stop Foreclosure?

The government can assist in stopping foreclosure through programs in which the government offers assistance in guaranteeing loans so that property can be refinanced. Find out how the government can help insure loans with help from a civil mediator in this free video on foreclosure law.

Video Transcript

You have recently fallen behind on your mortgage payments on your house and you have recently received a letter or communication from the lender indicating they are going to be instituting foreclosure proceedings against you to obtain ownership of your house, so they can sell it and see if they can satisfy the mortgage. But, you've heard about some type of government assistance and you want to know how can the government assist me. Hello, I'm Robert Todd and I'm here to answer the question "How can the government assist me in preventing a foreclosure?" Well, first of all there are many programs outstanding whereby the government offers assistance in guaranteeing loans, so that you can refinance your property and by refinancing your property you can obviously stop the mortgage foreclosure. Because once the lender is paid, they don't care whether you're paying it or another lender is paying it, or in some instances the government itself is actually paying it. But, generally speaking the government is not in the business of making loans. They are more in the business of insuring loans so that you can qualify for some other conventional mortgage lender to assist you. I might suggest that you try the FHA, which is the Federal Housing Administration to provide you with information as to what government programs exist. I'm Robert Todd and thank you for watching.

How Can the Government Help You Stop Foreclosure?

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