You Can Avoid Foreclosure

It’s an ugly beast nobody wants to deal with but even if you start off with the best intentions and lots of money on the side, foreclosure can still become a reality in your life. The HARP program and other refinancing methods can all help a homeowner, that’s you, stay in their home.

For Those Whose Homes Have Lost Value

Because the property values on so many homes and in so many neighborhoods have literally plummeted over the last few years, many homes and other buildings are not now worth as much as they cost to build and erect.

It’s sad but some people are stuck with loans for more than the value of their home. Unfortunately, it’s a product of bad economic times which many homeowners are forced to deal with. Home loan modification is one way borrowers have come up with to meet this problem.

Most notable among proven, reliable pathways to help, the HARP program is great for people who haven’t had a problem keeping up with their mortgage payments in the past.

If you’ve always been current but your home’s decreased value means your lender won’t refinance, this is one way to reduce your monthly payments. It is a very similar program to the Principal Reduction Alternative, though this latter tool was only made available to victims of Fannie Mae and Freddie Mac.

The preceding pair of banks are both notorious for issuing predatory loans they mostly knew people would default on at later dates. This issues insane, inflated profits which made the values of homes all over the country skyrocket, then bomb out when people realized what was happening.

Your own home loan may be issued from one of these fraudsters without your knowledge; this is definitely worth a look, as you may qualify for some special debt reduction programs and not even realize this.

Forbearance to Avoid Home Foreclosuer

If you’ve ever owed money to someone before, you’ve probably gone through a similar process to forbearance. This is what happens when someone who has borrowed money cannot afford to repay it as scheduled, but that person is also certain of and can prove their ability to repay at a later date.

The bank holding onto your mortgage may be willing to let a missed payment or two slide if, for example, the tax season is coming up and a large refund check is expected.

For Cases a Bandage Won’t Fix

If you owe a lot of money or you find your mortgage is especially wicked, it’s too late to apply for any assistance with the Emergency Homeowners Loan Program, which would have snatched up bad loans and redistributed funds at new, better rates.

These days, your best bet would be trying to get hooked up with the Hardest Hit program which offers emergency funds to those in the worst shape.

A home loan modification lawyer would know if you qualify for these and other state-run programs for financial assistance. Unless you’re ready to read through pages and pages of materials and believe it, there is plenty to take in, then you should pass the job on to somebody with a clear, concise knowledge of the game. Get some good representation and put it to work protecting your homeowner’s rights.

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Comments ( 5 )

[…] is a great solution for those that need help because they are facing foreclosure of their home or need help […]

Home Affordable Modification Program | HAMP Alternatives added these pithy words on Feb 03 15 at 8:06 am

[…] Program, or HAMP, is just one of these programs which help people to stay in their homes and avoid foreclosure, as well as the damning effects that process invariably incurs on a homeowner’s credit […]

HAMP Help You Keep Your House! added these pithy words on Feb 03 15 at 8:14 am

My time is running out and I could loose my home. I had to get an attorney and they can’t seem to convince Everhome Mortgage attorneys to give me a modification , so my attorney told me I need to come up with $20,000.00 to save my home , which I need this by March 2015. I tried seeking help and everytime the CEO for Habitat for Humanity wold tell them no , yet he was the one that said to seek help after telling me if he give me a modification , he will have to do that for everybody else. Please in the name of Jesus help me. My number is xxx-xxx-xxx.

Jackie Henderson added these pithy words on Feb 03 15 at 1:12 pm

I will have one of our loan modification advisors reach out to you. Please be on the look out for their email. It is quite likely that you have a government insured mortgage and therefore your mortgage company is required to work with you. Also, if you are in several states that have mandatory mediation that your bank is also required to work with you. The states that have mandatory mediation are as follows: California (this state has something called the Homeowners Bill of Rights), Illinois, Indiana, New York. There are also a few others. However, you can also call an advisor directly at 888-980-7566.

Attorney Load Mod added these pithy words on Feb 04 15 at 12:06 pm

I was told that I couldn’t get any thing but have the money by to day 4-1-15
It’s impossible to make a loan
but i do want to keep my home need help told the Finance Co. I could
catch up may 1st reply was not acceptable

jerelene added these pithy words on Apr 02 15 at 1:06 pm

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Loan Modifications and Federal Services: In order to comply with various federal and state laws, may submit a Qualified Written Request pursuant to federal law, including the Truth in Lending Act (TILA) 15 U.S.C. § 1601, et seq., the Fair Debt Collection Practices Act (FDCPA) and the Real Estate Settlement Procedures Act (RESPA), codified as Title 12 § 2605 (e)(1)(B) and Reg. X § 3500.21(f)2 of the United States Code, and provide federal review and monitoring of the client’s file for federal compliance (not state) purposes. Please also review the FTC’s MARS rules for additional information as well as important resources for identifying scams. Other than providing federal support as stated above, cannot and will not assist with unsecured debt negotiation, and similar services. All unsecured debt negotiation, and similar services, if any, will be submitted to another qualified corporation or local attorney.

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