obama foreclosure options
Caught in the midst of the economic downturn and facing problems to service your mortgage payments? Many of us out there are facing this very same issue as we are unable to cope with pay-cuts and retrenchments, and eventually fail to pay our monthly mortgage payments. The result? Foreclosure stares us in the face, with no immediate solution in store. Fear not, as the United States government is well aware of our predicament, and is offering help through various means to help us through this difficult period. If you are seeking government help to stop foreclosure, there are a few options in store for you.
For one, the United States Department of Housing and Urban Development (HUD) is offering several government programs and plans to help stop home foreclosure. These plans include lender incentives such as better interest rates and lengthened mortgage durations, free foreclosure counseling, as well as financial assistance for those who have lost their jobs in the recent global economic downturn. President Barrack Obama has emerged with a Loan Modification Plan for those facing foreclosure problems, to enable easier refinancing options with better terms for those facing this dilemma. Also known as the Mortgage Modification Plan, those in foreclosure trouble should take full advantage of this offer as it is extremely helpful and would assist you in salvaging your home.
There is also the FHA Secure initiative by the Federal Housing Administration (FHA) which provides foreclosure avoidance and prevention methods and ways for homeowners. Also recognized as a mortgage insurance program, it protects homeowners that are victims to increasing interest rates, despite owning good credit reports. Through this initiative, there is an option for owners of homes to refinance their properties at lower interest rates, helping them put off foreclosure until they get their finances in place. Another recommendable effort by the government is the Project Lifeline, one that postpones foreclosure proceedings to allow homeowners time to work on repayments or refinancing solutions.
Nevertheless, always ensure that before you opt for any foreclosure avoidance programs, check for legitimacy and legality of these programs by going to the HUD or FHA sites, this is to ensure that you are not falling for any scams or hoaxes. There are plenty of companies offering interest-free loans and grants to help you fight foreclosure, though most of them are scams that would try to make you sign up, and eventually you end up losing more money as well as your home. Better safe than sorry, thus do your research well, and always check if the sites are legitimate.
Stop home foreclosure with the help of the government, and you could have your home to yourself without any financial problems in a few years! Good luck!
Find out more information about government help to stop foreclosure and how to stop foreclosure via StopForeclosureReality.com.
what does a home loan in collections mean?
We are behind on our mortgage, now by 60 days, and I called the bank and was told that the loan was in collections. What does that mean? My regular loan officer said it was out of his hands and that a committee was handling it. I asked if that meant they were in the process of a foreclosure and he said yes. So does anyone know my options??
P.S. I have a terrible loan at a private bank. Can not be helped by the Obama plan. One year balloon, that is re-signed yearly, with 8.1% interest, only given the option to do a 1/1, 2/2, or 5/5 after 30 days. Haven’t been contacted by the bank about the “collection”.
Sorry about your horrible situation. You can call HOPE Now. Their hot line number is 888-995-HOPE. Go on HOPE Now website and you can get info. I believe that they have a 24 hr line. Usually after 90 days you will get a default letter. And how they foreclose on your house depends if you are in a judicial or nonjudicial state. Although people will tell you that there is hope and fight for your home you will end up walking into dead ends. We tried everything but ran out of money to fight our foreclosure and now our house will be auctioned this Friday. To be truly honest with you the banks know that most people can’t fight foreclosure because of lack of funds so they do what they want.
If you have some money you can try talking to a real estate attorney and see what they suggest. You can also file BK, which will delay the foreclosure process. You should also know that the bank will come after you for any deficiency if they cannot sell your house for what is owed on it and you may end up filing BK anyway. There is no easy answer here. My heart goes out to you.
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