Credit-Yogi

Various Government Programs to Halt Foreclosures on Your Home Fast

 
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Phoenix, AZ -- (SBWIRE) -- 05/09/2014 -- Homes are being foreclosed on all across America. This is a terribly stressful situation for homeowners, and they need help to stop a foreclosure before they lose their houses. Fortunately for them, there are lots of ways to accomplish this, from nearby lenders to federal assistance. Credit-yogi.com is here to help people prevent foreclosure by pointing out some of their options, such as:

- Local Financial Institutions
- HUD Assistance
- Loan Modification and/or Refinance
- Establishing Eligibility

Community Lenders

A homeowner facing foreclosure does not – and should not – have to approach his original lender for help. Truthfully, doing so can result in delays and eventual denials, usually after giving a lender tons of personal financial information. It may be wise to hire foreclosure defense attorneys that do not charge until your problem is successfully resolved, but not right away. Check out local credit unions and banks other than the one that approved the mortgage in the first place. Be sure to compare a few of them before choosing one to get the best rates and terms.

Department of Housing and Urban Development Help

HUD is the most helpful mortgage foreclosure prevention division of the Federal government. It offers low-cost or free counselors who are specially trained in working with folks dealing with fiscal difficulties. HUD also urges lenders to reduce a mortgage’s principal amount, which results in a lower payment. Also, HUD has programs that help with 2nd and 3rd mortgage trouble. Credit-yogi.com suggests going to HUD’s website for more details on how this organization can assist people.

Refinance or Modify a Mortgage

Among other ways to get out from under a foreclosure action is utilizing the Internet. Check out sites such as bestloanmodificationcompanies.com to modify one’s mortgage. When modification is implemented, changes are made to the initial mortgage. Some of these are lowering the interest rate or giving a borrower more time to repay the loan. If a mortgage is refinanced, the first loan is totally paid off and a brand new one with better terms. Both actions will enable a homeowner to get a lower monthly payment, allowing his to keep his home.

Ascertain Program Eligibility

Before signing applications or other paperwork with any lender, make sure to establish which programs one qualifies for. Does a particular person’s predicament seem suited to bankruptcy to prevent foreclosure programs? Perhaps it would be better to investigate HAMP (Home Affordable Modification Program) to resolve his dilemma. Maybe refinancing the mortgage through HARP (Home Affordable Refinance Program) would be more effective. Whichever programs one can qualify for, when ready to apply for them, go armed with proof of eligibility to expedite the process and save one’s home.

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