The prospect of losing their homes to the bank is terrifying for homeowners, especially when they don’t know how to stop a foreclosure.

Pittsfield, MA -- (SBWire) -- 06/20/2013 --Fortunately for them, Real-estate-yogi.com is knowledgeable about this topic and would like to share what it knows, such as:

- Area Banks
- Making Home Affordable Initiative
- Government Refinance Plans
- Mortgage Loan Modification

Community Banks & Credit Unions

A good place to begin addressing how to stop foreclosure proceedings is at a local credit union or bank, preferably at the lender which approved the mortgage in the first place. Most of these lending institutions have their own loan modification or refinance programs that can help lower a person’s monthly payment considerably. This reduction can result from a lowering of the interest rate on the loan or by decreasing the principal of it. Credit unions generally have better rates than banks; take some time and comparison shop for the best deal.

Stopping Foreclosure Process By Getting Professional Experts Help For Free!!

MHA Program

Under the auspices of the Department of Housing and Urban Development (HUD), the Making Home Affordable program answers how to stop a foreclosure sale. Through this program, a homeowner can get assistance for almost any situation causing a financial hardship. For example, if one is underwater in one’s mortgage, meaning that his house is worth quite a bit less than what he owes on it, he can look into the PRA, or Principal Reduction Alternative. The PRA option is successful because it encourages lenders to reduce one’s payment by offering them incentives.

HARP

The Home Affordable Refinance Program is part of MHA and can also address how to stop the foreclosure process. When a mortgage is refinanced, it is totally paid off and another one, with better terms, is created. The new terms may include an extended repayment time or less interest being charged, both of which make a mortgage more affordable for a struggling homeowner. Apply for this program through any participating financer.

Mortgage Modification

Turn to the federal government for solutions to how to stop foreclosures, and one will come upon HAMP, or Home Affordable Modification Program. This plan reduces a mortgage payment by making changes to the original loan. Alterations in interest rate or loan principal can help a homeowner better handle his payment and keep him in his home. Like HARP, this assistance can be accessed through a lender that is involved in the program.

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