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Help With Foreclosure

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Sources for Help With Foreclosure

Because of the foreclosure crisis, there are many more resources available to help with foreclosure than there ever have been before. This is good for homeowners facing foreclosure but it can also make it more confusing. Here are some good places to seek help.

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State Resources

Most states have resources to help with foreclosure. Almost any major metropolitan area will have HUD-approved housing counselors that you can discuss your situation with for free. Some states even have programs that will give you money to help stop the foreclosure on your home. This money is typically a grant they give you that you never have to pay back. In some states that have been hardest hit, there are also programs that help you reduce the principal that you owe on your home. This can help lower your monthly payments and reduce your loan to the current value of the house. If you live in state that has been hardest hit by the foreclosure crisis, your state resources are often the best place to start since they are likely better than government resources or any deal you can workout with your bank yourself.

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Government Resources

There are several government programs that fall under the Making Home Affordable Program. They include loan modifications, principal reductions, second lien modifications, loan refinances, and unemployment programs. With most of these programs, there are certain criteria that you must meet and your bank must be a lender that is participating in the program. If you have an FHA or VA loan, there are different programs available to you to help with foreclosure. The HUD government website has a list of programs available and links to more information about each program.

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Your Lender's Foreclosure Department

If you can find a way to reach someone at your lender's foreclosure department and they are willing to help you, get as much information and help with foreclosure as you can from them. If you want to stay in your home, you are going to have to deal with your lender at some point. Some lenders are easier to deal with than others so try to be patient while you work on a solution with them. Try to be prepared when you call your lender so that you do not have to try to call them back later with more information. Income, expenses, and why you have not been making your payments is all good information to gather before you call. If you can, try to get one point of contact at your lender. This way you do not have to repeat your story every time that you call in and it gives you one person who is familiar with you and your case.

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Disclaimer

The author does not guarantee the accuracy of the information provided in this article and is not liable for reliance on this information. In using this article, you agree that its information and services are provided "as is, as available" without warranty, express or implied, and that you use this article and the information contained in it at your own risk. You agree that the author has no liability for direct, indirect, incidental, punitive, or consequential damages with respect to the information, services, or content contained in this article.

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julianam

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