Federal Programs to Stop Foreclosures

Are you dangerously close to foreclosure proceedings on your home? Are you feeling like there is no help for you and that you will lose your home? Well, fear not! There are now a number of United States federal programs available to such homeowners now. We will discuss some of them here. Perhaps one of these options will offer you a viable way out of your current situation.

One such program has been put into place by the Obama Administration as a possible solution. It is called the Home Affordable Modification Program (HAMP.) It is designed to lower the monthly payment installments for your mortgage. It does this by reducing the payments by up to 31% of your monthly pre-tax income. The objective of this program is to make mortgage payments more affordable for you IF you qualify. More information is available on the HUD.gov website for you to thoroughly examine.

An additional program of interest to you may be one you are familiar with; as it has received a substantial amount of media coverage. It is known as the Home Affordable Refinance Program or HARP. It is designed for people who have not been successful at getting their mortgage refinanced. Even if the home’s value has decreased; through this program you should be able to obtain the refinancing you so vitally need. Then you will have an affordable mortgage payment. Again more details are available to you through the HUD.gov website.

There are some other steps you can take in order to avoid foreclosure. We have some pertinent information for you regarding these steps. First of all; if you receive letters from your lender that pertain to your missed mortgage payments, DO NOT IGNORE THEM!! Instead use these letters as an opportunity to open communications between yourself and your lender. Explain to him what your troubles are and offer to provide documentation of them. Also DO NOT ABANDON your home. If you do you may negate any assistance you are eligible to receive. Thirdly, protect yourself against possible fraudulent offers from “helpful buyers.” Unfortunately people in dire situations such as pending foreclosures become targets for scam artists. There ARE other ways out of your predicament; you do not need to subject yourself and your family to the shady dealings of con artists.

There is financial assistance available to those at risk of foreclosure, some of which are quite viable options. You can obtain the services of a counselor who can guide you out of your problems. You can directly call your mortgage lender. OR; if you need help with your actual payments or with understanding what is going on, you can contact ConsumerFinance.gov. Direct contact information for them is listed on their website. As we said; there are definitely ways out of your mortgage troubles, foreclosure is no longer the only option for you. For more details regarding these and other suitable solutions go to the websites we have noted in this article. If you need help translating them into understandable terminology, call the organization and ask questions. They will be happy to assist you.