Housing Hardship

Since the start of the economic downturn in 2008, over 3.6 million properties have gone into foreclosure. The collapse of real estate market in the U.S. combined with a global recession has put many Americans in a situation where they simply cannot afford their homes. If you’re struggling to keep up with your mortgage or already facing the reality of losing your home, there are steps you can take to potentially help you avoid foreclosure and save your home.

A HUD-certified housing counselor is trained to assess your situation and provide direction on what you can do to keep your most important asset. Call us at 1-800-990-9838 to get help as you weigh your options and decide on the right way to move forward.

 

Foreclosure Prevention Counseling

If you can’t afford the monthly payments on your mortgage, foreclosure may not be the only option you have left. Don’t start the foreclosure process until you’ve explored every avenue possible to save your home! New programs are available throughout the U.S. under the Homeowner Affordability and Stability Plan. These programs may allow you to alter your mortgage and save your home, but you need to act quickly.

Know all your options before you foreclose

 

Hardest Hit Fund

In 2010 the U.S. government established the Hardest Hit Fund, which helps homeowners who live in areas hardest hit by the burst of the real estate bubble and high unemployment caused by the recession. The program helps homeowners in 18 states, as well as the District of Columbia, who are struggling to make their mortgage payments on homes that have been dramatically devalued by falling real estate prices.  

Find state-by-state information for the Hardest Hit Fund

 

Foreclosure Mediation

Foreclosure mediation provides a neutral forum where a borrower and a lender can work together and negotiate to avoid foreclosure. The process is overseen by a third party mediator and provides a platform for borrowers to have a voice. In some cases, mortgage terms are renegotiated, allowing you to keep your home. If you’ve explored all your other options and foreclosure seems like the only option left, foreclosure mediation may be able to help.

Get information on how foreclosure mediation works

 

The Dangers of Strategic Defaults

As Americans continue to struggle to make ends meet and keep their families in the best financial situation possible, some homeowners are turning to strategic defaults as a way to get out of their mortgage in the hopes it will improve their financial situation. In truth, a strategic default on your mortgage can damage your family’s financial future for years to come.

Learn why strategic defaults don’t work