The problem that most homeowners find when they are going through foreclosure is that they do not know how to find foreclosure help. They have gotten into a situation in which they can no longer keep up with the payments on their mortgage. Most of the time the foreclosure comes as a result of the homeowner defaulting on the loan. However, there are other causes for foreclosures including improper conduct by the borrower or the lender. Regardless of the cause, the homeowner needs to seek out the assistance that they need in order to avoid a foreclosure. For most homeowners, foreclosure help comes in the form of a mortgage loan modification. With this type of program, the bank will negotiate with the homeowner to find the lowest monthly payment. They will then roll all of the payments into one affordable monthly payment. This type of program may be used to prevent the foreclosure of the home.
Homeowners may also contact their local state sheriffs to see if they can work something out with the county. There are many states that have available foreclosure prevention programs. In addition to contacting your state local sheriff’s office, homeowners can also contact the local court house in their area. Many states offer free foreclosure help regardless of the reason that the homeowner is in default. If the owner can prove that they are receiving an income from another source that allows them to make the lower payments on their mortgage, they should file a partial claim for their home. They should do this with the county that holds their land ownership. This is known as a hud foreclosure claim. The purpose of filing this claim is so the bank will work to lower the payments on the mortgage. It will allow the homeowner time to sell their home and pay off the remaining debts that they owe.
Foreclosure Help Counseling
Another option for foreclosure prevention is to get some counseling services. There are several companies that offer counseling that focuses on mortgage foreclosure. The company will work closely with the homeowner to find out what their specific needs are and then set up an offer to them. A lot of the companies have pre-treatments that can help the homeowner with any severe mental health disorders that may be contributing to the foreclosure. Some other options for foreclosure prevention are getting a Government Guaranteed Loan Modification and a Housing and Urban Development loan. This government guaranteed loan modifications require the homeowner to show proof of a significant income increase. In order to qualify for these programs, homeowners will need to have multiple foreclosures. Both of the housing programs are not very popular among homeowners and they are not particularly effective either.
The second type of foreclosure help that you should consider is to contact your lender. If you are having difficulty making your mortgage payments, your lender may be able to work something out with you. Lenders have been hit hard by the real estate market crash and have adjusted their lending guidelines to the point that they are more lenient with certain borrowers. They will work with you to try to keep you from going delinquent and will even negotiate new terms for your loan. You will have to prove to your lender that you cannot pay the new mortgage payments and this may require you to go through a credit check or to prove income and expenses that you might not otherwise have been able to prove on your own. Another option is to contact a HUD housing finance agency for foreclosure assistance programs. HUD has several different programs available to help homeowners in foreclosure. One such program is the FHA Secure Foreclosure Loan which is also modified by the lender to provide lower payments to the homeowner and it offers additional services to help you in your efforts to save your home from foreclosure. Your lender may even be able to offer you assistance in finding alternative financing to avoid foreclosure and also to help in keeping your home. For foreclosure help contact us today.
Common Foreclosure Questions: