Any person on the verge of losing his home will undoubtedly feel nervous trying to come up with money to avoid foreclosure. Often, mortgage payments can be higher than what most people are able to afford. When that person is a senior citizen, the situation becomes even more stressful, as he or she likely has retired and probably has a fixed income from pensions or Social Security. The senior citizen has many options and places to turn to keep his home, from government-sponsored programs to helpful private organizations, all in the United States.
Keeping Foreclosure at Bay
Before trying to find a program to keep a senior citizen from losing his home, call his mortgage lender or bank and attempt to set up a more appropriate payment plan that the senior citizen can handle. By talking with the lender and making it clear that the senior citizen would like to pay his mortgage, but just doesn't have the money at the moment, the lender may be more inclined to work the situation out with you and avoid having to foreclose the property. The best time to speak with a lender is as soon as the senior citizen knows he will not be able to make a payment, before the payment is due. The worst thing you can do is avoid any calls from your mortgage company.
If the mortgage company simply will not adjust the payment schedule, the senior citizen should contact the U.S. Department of Housing and Urban Development or visit its website at www.hud.gov. The department has many counselors available in each state working to avoid foreclosures and keep homeowners from losing their houses. A program called Making Homes Affordable supplies you with tools you'll need, such as a counselor, to refinance or modify the home loan. These services are free, and are paid in part by HUD and Neighborworks America.
Another program available, HopeNow, is an alliance between lenders, nonprofit organizations and investors with the sole purpose of helping people on the verge of losing their homes. Their services are free of charge. Visit their website at www.hopenow.com to get started.
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