About Government Programs to Stop Foreclosure

Video Transcript

"You have been late on your mortgage payments for the last several months and your starting to get very, very worried about your mortgage being foreclosed on you, but you've heard in the news recently there are a number of government programs to assist in preventing mortgage foreclosures on homeowners such as yourself. Hello, I'm Robert Todd and I'm here to answer the question: How are the government programs to prevent mortgage foreclosures working? Well, first of all, you need to, perhaps, check with the FHA which is the Federal Housing Administration. They have a refinance program that has been on the books for sometime, and in order to find out whether you qualify, you can contact them on their website. Generally, the idea is to refinance your mortgage. There's no such thing as getting out of your mortgage and not paying, but there are programs that will assist you in refinancing your mortgage so that you either lower your interest rate, which in turn lowers the amount of your monthly mortgage rate which is designed to assist you in making the payments and basically preventing a foreclosure on your home. I'm Robert Todd and thank you for watching."