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Thursday, 29 December 2016

Important Steps And Tips To Avoid Foreclosure-Mortgage Assistance

Signing a mortgage doesn’t mean you think of losing your home but many unfortunate circumstances can lead to the foreclosure nightmare. Sudden lost jobs, serious medical issues or financial loss can bring major monetary crisis, making it quite impossible to make your mortgage payments
If stuck you need to follow some important steps and tips to avoid foreclosure. Read on to know.
Communicating with Your Lender
The moment you realize you are lagging behind your mortgage payments contact your lender. The lender should be aware of your financial problems to help you make a plan to avoid foreclosure. Lenders have foreclosure prevention options and can work-up the best plan suited for you. Avoiding their emails or calls will only create legal issues and take you to a foreclosure court. Don’t be embarrassed to tell your problems and seek help.
Research About Your Mortgage Rights
Read well your loan documents, the laws stated, the consequences if you can’t repay and the timeframe your state gives to pay back. Also, contact the State Government Housing Office for more detailed information.
Mortgage Payment Assistance
Know Your Mortgage Options
HUD has implemented many foreclosure options for homeowners who are at risk of losing their homes. A complete knowledge of your mortgage type and all the available options will help you choose the best to avoid foreclosure. Some important foreclosure options are:
Home Affordable Refinance Program (HARP)
Principal Reduction Alternative
Emergency Homeowners’ Loan Program (EHLP)
FHA Special Forbearance
Second Lien Modification Program (2MP)
Remember there are special rules for FHA insured loans, VA insured loans and conventional loans. If you are FHA insured which is part of HUD your lender will have to follow certain guidelines. If the lender disagrees you can contact FHA's National Servicing Center and/or FHA Outreach Center; call them or send them an email.

If you have conventional loans talk to a housing counselor approved by HUD. You can also contact HOPE NOW to help you sort out with your lender.
Contact a HUD Counselor
It stuck with foreclosure problem get assistance from HUD approved housing counselors. The housing counseling services are offered for free or at very reduced price that can help you organize your finances, tell you the laws, offer the best options and plan your expenditure. They can also represent you to negotiate with your lenders.
Don’t Get Into Scams
Many dishonest companies and/or for-profit companies may offer you deals to settle your foreclosure with your lender. Well, remember these are scams. They rarely live up to their promises and moreover, charge a hefty amount for their services. Do not fall for fake promises like promising to stop foreclosure or encouraging filing for bankruptcy or asking to make prior payments to them. Also, never sign any foreclosure rescue document without thoroughly reading it. It’s best to seek help from HUD counselors and trusted and verified professionals.
Follow these vital steps and avoid foreclosure to reside happily with your family in your home.

Tags- home buyer grants, home repair grants, home mortgage assistance, home repair for single moms, home buyer grants senior citizens, housing grants low income, mortgage payments.

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