Don't lose your home to foreclosure.
If you're on the verge of losing your home, the U.S. government provides assistance to homeowners on the verge of foreclosure. In addition to offering tips and strategies on ways to avoid foreclosure, the U.S. Department of Housing and Urban Development provides mortgage refinance and modification programs that will save you from losing your home. Does this Spark an idea?
Hope Now Program
Hope Now is a government-supported resource for people on the verge of foreclosure. This national program provides homeowners access to an alliance of counselors, lenders and investment brokers who help the homeowner develop strategies to retain home ownership.
Hope Now also has a hotline phone number that puts the homeowner directly in touch with a counselor. The Hope Now counselor assists the homeowner with foreclosure prevention strategies and provides connections to local alliances and local events such as mortgage assistance workshops.
Home Affordable Refinance or Modification Program
To try to stabilize the current credit and housing crisis, the Obama Administration introduced the Financial Stability Improvement Act. The act allowed the government to review and monitor failing lenders to try to resolve the current economic downturn. The act also provides government assistance to homeowners on the verge of foreclosure.
The act has two strategies to help Americans keep their homes---Home Affordable Refinance Program (HARP) and Home Affordable Modification Program (HAMP).
HARP allows Freddie Mac or Fannie Mae owned or guaranteed loan holders the opportunity to refinance their home to achieve more affordable monthly payments.
HAMP assists homeowners on the brink of foreclosure. This program helps struggling homeowners modify their agreement to arrive at a lower monthly payment.
Applicants must be thoroughly screened to qualify. Making Home Affordable.gov provides online screening tools to hasten the process.
Foreclosure Scams
Government assistance is available if you are in danger of losing your home, however, con artists prey on those in trouble. Knowing the signs of a foreclosure scam can protect you from falling victim.
Making Home Affordable advises homeowners to never pay for counseling services---the federal government counseling services are free. If someone pressures to you to sign a loan modification or refinance document immediately, walk away from the situation. Never sign over the deed to your home to anyone unless your under a debt forgiveness agreement with your mortgage company. Never make a mortgage payment to a "middle man" or another mortgage company without your lender's approval.
If you believe you may have been scammed, contact the Federal Trade Commission immediately to report the perpetrator.
Tags: your home, Home Affordable, losing your, losing your home, verge foreclosure, Affordable Refinance, assistance homeowners
