Foreclosure Prevention Counseling

So you have a home and you’re making payments as best as you can on your mortgage, but at the end of the day you are still struggling. Even worse, the property is actually worth less than amount due on your mortgage. You can’t even sell at a decent price, because the real estate market in your area is still stagnant… Is foreclosure the only option?

Fortunately, it’s not and you’re certainly not alone in facing this kind of problem. In response to the growing foreclosure crisis in the country, the U.S. Department of Housing and Urban Development (HUD) has developed several programs to help struggling homeowners avoid foreclosure and keep their homes. Foreclosure prevention counseling is a service offered by HUD-certified housing counselors that helps you understand these various programs so you can explore every option possible to save your home. Give us a call at 1-800-990-9838 to speak with a housing counselor who can answer all your questions and provide the direction you need.

 

What programs are available to help avoid foreclosure?

The Homeowner Affordability and Stability Plan (HASP) was created in early 2009 to provide options to homeowners facing foreclosure. Under the plan, the Making Home Affordable (MHA) program gives homeowners the ability to refinance and even modify their mortgage to provide financial relief. This way you can keep your home, save your credit, and start on a path to building a better financial future.

Whether you’re managing to keep up with your mortgage payments, but are paying more than your home is worth now, or you’re already falling behind on your mortgage and are worried about defaulting, HASP and the Making Home Affordable plan may have a solution that can help you keep your home and get to a better place financially. “Even if you feel like you’re doing and keeping” up with your mortgage payments, these programs may be able to help lower your monthly payments to improve your finances—so you aren’t put in a bind if you have an emergency and unforeseen expenses like a trip to the ER.  

 

What options are offered through the Making Home Affordable program?

The MHA program has a wide-range of solutions available for mortgage distress. Every homeowner’s situation is unique, so which mortgage relief option you choose is largely dependent on where you are—both geographically and with your finances.

Some possible solutions include:

  • Fixing your mortgage interest rate at the new low rates available
  • Modifying your mortgage to adjust the principal—so you’re not paying more than what the property is worth
  • Providing second lien assistance if you took out a second mortgage on your home

 

What does a foreclosure prevention counselor do?

A HUD-certified foreclosure prevention counselor is well-versed in all of the options available for struggling homeowners. Many of these programs involve specific actions you must take to make sure you qualify, and in some cases these options can vary depending on where you live. A foreclosure prevention counselor can assess your financial situation, provide information and answers to your questions, and also help you create an action plan to avoid foreclosure.

What’s more—since the last thing you want when you’re facing foreclosure is another bill—foreclosure prevention counseling is a service that you can take advantage of at no charge through nonprofit HUD-certified housing counseling agencies throughout the U.S. Call us today at 1-800-990-9838 to schedule a free foreclosure prevention counseling consultation with a HUD-certified foreclosure prevention counselor.