The government has been putting pressure on lenders to stop foreclosure auctions and prevent more homes from going to foreclosure with its HAMP and HAFA programs. Borrowers who qualify can either refinance, obtain a mortgage modification, be approved for a short sale quickly or obtain forbearance. These programs are designed to help homeowners who are residing in their homes as the primary residence. There are other guidelines and eligibility requirements that you must meet under these programs which you should investigate to see if you qualify. It is also a good idea to talk to your lender about other options such as a deed in lieu of foreclosure, forbearance, reinstatement or even selling your home to avoid foreclosure.
Free HUD Certified Housing Counseling Services
There are HUD certified housing counseling services that you can use free of charge to find out options to save your home from foreclosure. By visiting the HUD website, you can find a list of housing counselors in your area or by calling 800 569-4287 and asking to speak to a HUD housing counselor. Avoid any companies that make you pay an upfront fee, as there are many people who are trying to take advantage of homeowners who are at risk of losing their homes. The only person who is legally allowed to charge a retainer fee is an attorney. For those borrowers who want legal advice, it is recommended that you hire a foreclosure defense attorney.
Other Free Foreclosure Help Available
If you have an FHA insured loan, contact FHA’s Service Center at 888 297-8685 or send them an email by visiting their website. Be prepared to give your loan information to the service operator. For VA loan foreclosure assistance, visit the VA’s website to find out how to contact their loan service representatives. Hope now has a housing hotline at 888 995-HOPE.
When to Call Your Lender?
As soon as you realize that you are not going to be able to make your mortgage payment, you should contact your lender. They are wiling to help you find a solution to your problem. Most lenders have programs to help borrowers who are in default. If you sit back and don’t take any action, your home could end up going to foreclosure. Don’t risk this when you can do something about your situation before it is too late.
Millions of homeowners are saving their homes form foreclosure through government and state foreclosure assistance programs. Many have found solutions through free foreclosure help advice. More foreclosed homes coming on the market helps no one. It only brings property values down further. Lenders don’t need or want any more foreclosed houses added to the inventory they already have. They would rather help you find a solution to keep your home or approve a short sale if you wish to sell your home and are upside on your mortgage. Sometimes, even after exhausting all solutions, there may be no way to keep your home, but you can certainly avoid a formal foreclosure proceeding and help save your credit with other options. Only you can do something about your situation so don’t ignore your situation.
