Pittsfield, MA -- (SBWIRE) -- 05/28/2013 -- Real-estate-yogi.com is here to offer some ways to stop the foreclosure process in USA, such as:
- Mortgage Modification
- Refinancing the Mortgage
- HUD Services
- Making Home Affordable
Modify the Mortgage
An effective way to stop a foreclosure process is to apply for mortgage loan modification. The best place to begin is with one’s local lender. The majority of banks, credit unions, and other financers have in-house foreclosure relief programs which include modifying one’s mortgage. All that means is that some beneficial changes will be made to the original mortgage. These alterations include lowering the interest rate on a mortgage or allowing an extended repayment period of it. Ask about this option at a nearby lender’s to find out the qualifications for approval.
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Mortgage Loan Refinancing
Stopping the foreclosure process is not as difficult as some may think it is. If loan modification doesn’t work for one’s situation, try refinancing the mortgage. This process differs from modification of a mortgage in that the first mortgage is totally paid off and another one with better terms is drafted. The changes in terms may be similar to those made in a modification. They may also include principal amount reduction. This helps to lower the mortgage payment so a homeowner can remain in his house. Apply for refinancing with any lender.
The Department of Housing and Urban Development (HUD) has several suggestions that can help stop the foreclosure process, including providing housing counselors who can guide struggling homeowners through foreclosure prevention programs. Also through the auspices of HUD comes the Hope Now program. Hope Now is an association of mortgage companies, housing counselors, investors and other people involved in foreclosure prevention options. This fellowship of mortgage professionals gives free help and advice to folks facing foreclosure. Under the umbrella of HUD, the Federal Housing Commission offers foreclosure prevention programs, also. Go to HUD’s website for more information.
Under President Obama’s leadership, the Making Home Affordable (MHA) program came in to being. It is federally-sponsored financial help for homeowners who are just not making it right now and who need a break. The Home Affordable Modification Program (HAMP) and the Home Affordable Refinance Program (HARP) are both great methods to stop a foreclosure process. Both of these programs can be accessed through participating financers throughout the country; simply choose one and apply.
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