Although foreclosure does not happen as often these days as it used to, many families are still facing the prospect of having their homes reclaimed by their lenders. Many of these homeowners have gone to their lien holders and asked for help only to be denied. The next step for these people, then, is to look into government programs to stop foreclosure. There are several of these plans available, and the following will provide insight into how to access them.
Phoenix, AZ -- (SBWIRE) -- 12/11/2012 -- The Obama administration realizes that some homeowners are having trouble making their monthly mortgage payments, so it created the MHA (making home affordable) program to help these good folks out. There are now plans to refinance a mortgage or to modify it so it’s easier to keep up on. Here is a look at some government help to stop foreclosure. HAMP (home affordable modification program) is a plan that modifies – that is, makes changes to – one’s original mortgage. The idea is to lower the payments and/or interest rate so a homeowner can afford to keep his house. Modification may also alter the terms of repayments, giving a person more time to pay what he owes. Another part of the MHA strategy to keep people in their homes is the Principal Reduction Act (PRA), which is designed for homeowners whose houses are worth considerably less than what they owe on them. PRA is aimed at encouraging mortgage servicers and lenders to reduce the amount owed on the home.
Prevent Foreclosure With Government Programs To Stop Foreclosure , Send Request for More Info
Another way the government offers help to stop foreclosure is through HARP (home affordable refinance program.) This plan is offered to those is good standing on their mortgage but who could use a little help to make their current payments less. There is even a government-sponsored plan to help out folks who need it for their second mortgages. It’s called the 2MP plan, and if the original mortgage was permanently modified by HAMP or reduced by PRA, a homeowner may be able to receive assistance on his second mortgage as well. If a person suddenly becomes unemployed, there’s a program for that, too. The home affordable unemployed program (UP) gives a homeowner a temporary reduction or suspension of his mortgage payments, for up to 12 months. This allows the homeowner to look for work without having to worry he’ll lose his house.
The Department of Housing and Urban Development (HUD) is part of the government help to stop foreclosure as well. It offers help to homeowners in need through its National Servicing Center (NSC). A click on HUD’s website will help find the information one needs.
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