Stop Foreclosure By Taking Advantage Of Government Programs That Assist In Stopping Foreclosure Fast
Caught in the midst of the economic downturn and facing problems to service your mortgage payments? Many of us out there are facing this very same issue as we are unable to cope with pay-cuts and retrenchments, and eventually fail to pay our monthly mortgage payments. The result? Foreclosure stares us in the face, with no immediate solution in store. Fear not, as the United States government is well aware of our predicament, and is offering help through various means to help us through this difficult period. If you are seeking government help to stop foreclosure, there are a few options in store for you.
For one, the United States Department of Housing and Urban Development (HUD) is offering several government programs and plans to help stop home foreclosure. These plans include lender incentives such as better interest rates and lengthened mortgage durations, free foreclosure counseling, as well as financial assistance for those who have lost their jobs in the recent global economic downturn. President Barrack Obama has emerged with a Loan Modification Plan for those facing foreclosure problems, to enable easier refinancing options with better terms for those facing this dilemma. Also known as the Mortgage Modification Plan, those in foreclosure trouble should take full advantage of this offer as it is extremely helpful and would assist you in salvaging your home.
There is also the FHA Secure initiative by the Federal Housing Administration (FHA) which provides foreclosure avoidance and prevention methods and ways for homeowners. Also recognized as a mortgage insurance program, it protects homeowners that are victims to increasing interest rates, despite owning good credit reports. Through this initiative, there is an option for owners of homes to refinance their properties at lower interest rates, helping them put off foreclosure until they get their finances in place. Another recommendable effort by the government is the Project Lifeline, one that postpones foreclosure proceedings to allow homeowners time to work on repayments or refinancing solutions.
Nevertheless, always ensure that before you opt for any foreclosure avoidance programs, check for legitimacy and legality of these programs by going to the HUD or FHA sites, this is to ensure that you are not falling for any scams or hoaxes. There are plenty of companies offering interest-free loans and grants to help you fight foreclosure, though most of them are scams that would try to make you sign up, and eventually you end up losing more money as well as your home. Better safe than sorry, thus do your research well, and always check if the sites are legitimate.
Stop home foreclosure with the help of the government, and you could have your home to yourself without any financial problems in a few years! Good luck!
What’s happening in the housing market? What’s being done about it? Learn about the government’s new HAFA program, providing foreclosure avoidance options including short sales and deeds-in-lieu of foreclosure. Here’s the big picture, clearly explained.