Many families are living with the threat of foreclosure, but they needn’t worry too much; there are ways to stop foreclosure.
Pittsfield, MA -- (SBWIRE) -- 05/09/2013 -- Real-estate-yogi.com is here to share its wisdom on this topic, such as:
- HUD Assistance
- Home Affordable Modification Program
- Traditional Lenders
The Department of Housing and Urban Development (HUD) has several plans to help stop mortgage foreclosure. There are many housing counseling programs that offer advice and knowledge about preventing foreclosure. Massachusetts has a hotline available to discuss foreclosure issues, and the Office of Consumer Affairs has foreclosure resources. State and local Housing Authorities also provide loans and grants to keep folks in their homes. All of these foreclosure prevention services are grouped under the HUD umbrella and can be accessed online.
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Home Affordable Refinance Program (HARP)
As part of President Obama’s Making Home Affordable program, HARP can help those whose mortgages are owned by Fannie Mae or Freddie Mac. It does this by providing a refinance loan to stop foreclosure. Refinancing a loan means paying it off and creating a new one that has lower rates or better terms than the original. Some qualifying criteria are that the loan was obtained on or before May 31, 2009, that the homeowner is current on it and has been for 12 months, and that the loan-to-value of the home has to be more than 80%.
HAMP (Home Affordable Modification Program)
When one thinks to himself “I want to Stop My Foreclosure,” he should look into HAMP. This is another element of the Making Home Affordable plan, and is designed for those whose loans are not owned or guaranteed by Freddie Mac or Fannie Mae. Folks who are struggling to make their mortgage payment each month can apply for mortgage modification, which can greatly reduce that payment. Modifying a mortgage simply means changing it so the payment is more affordable. Qualifying for HAMP is easy; just go online to learn more.
Many local banks and credit unions offer in-house ways to stop foreclosure, such as their own loan modification and refinance programs. It’s always a good idea to start with one’s original lender when trying to avoid losing one’s home. If that lender cannot assist one with this problem, check around. Other financers nearby may be able to provide the help one needs. Also, any financial institution that participates in HAMP or HARP can accept applications for those programs and can process them, as well.
Real-estate-yogi.com is a well-established website located in Pittsfield, Massachusetts that brings together people who need answers to realty questions and the professionals in the field who can provide them. This is an all day, every day, no-cost site that can be accessed online or at 1-800-987-1397 for a free consultation.