Are you dangerously close to home foreclosure proceedings? Do you feel that there is no help for you and that you will lose your house? Well fear not! There are now a number of United States federal programs available to such owners now. We will discuss some of them here. Perhaps one of these options will offer you a viable way out of your current situation.
The Obama administration has launched one such program as a possible solution. It’s called the Home Affordable Modification Program (HAMP). It is designed to lower your monthly mortgage payments. It does this by reducing payments by up to 31% of your monthly income before taxes. The goal 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 your further review.
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 in refinancing their mortgage. Even if the value of the home has decreased; Through this program you should be able to get much-needed refinancing. Then you will have an affordable mortgage payment. Again, more details are available to you through the HUD.gov website.
There are a few other steps you can take to avoid foreclosure. We have relevant information for you regarding these steps. First of all; If you get letters from your lender about your late mortgage payments, DON’T IGNORE THEM! Instead, use these letters as an opportunity to open up communications between you and your lender. Explain what your problems are and offer to provide documentation about them. Also DO NOT LEAVE your home. Doing so may deny you any assistance you are eligible to receive. Third, protect yourself from potential fraudulent offers from “helpful buyers.” Unfortunately, people in extreme situations, such as pending foreclosures, become targets for scammers. THERE ARE other ways out of your situation; you and your family do not need to submit to the shady deals of scammers.
There is financial assistance available for those at risk of foreclosure, some of which are quite viable options. You can get the services of a counselor who can guide you out of your problems. You can call your mortgage lender directly. GOLD; If you need help with your actual payments or understanding what’s going on, you can contact ConsumerFinance.gov. Direct contact information for them is on their website. As we said; there are definitely ways out of your mortgage problems, foreclosure is no longer the only option for you. For more details on these and other suitable solutions, visit the websites we have mentioned in this article. If you need help translating them into understandable terminology, call the organization and ask questions. They will be happy to help you.