Thousands of families are facing the possibility of having their mortgage holders take back their homes. This is a terrifying way to live, so for those wondering how to stop the foreclosure process.
Pittsfield, MA -- (SBWIRE) -- 06/11/2013 -- Real-estate-yogi.com is here to help by offering some insight about stopping foreclosure process, such as:
- Request Assistance from Original Lender
- HUD Services
- FHA Offerings
- HARP & HAMP
Banker’s Support
The first thing a person living under the threat of losing their home to the bank must do is set an appointment with his original mortgage lender. He should ask about in-house methods available to stop the foreclosure process. If there are, the next thing to do is decide if modifying the mortgage or refinancing it is the better option. Modifying it means with s better terms is drawn up. Both options reduce one’s payment. Fill out an application with the lender once the decision has been made.
Want To Stop Foreclosure Process? Send Request To Get Aid For Stopping Foreclosure Process!!
Offerings from HUD
The Department of Housing and Urban Development (HUD) offers the Making Home Affordable system of stopping a foreclosure process. Under this plan, one can look into the Principal Reduction Alternative (PRA), which was created for people whose houses are worth a great deal less than what they owe on them. The government offers lenders incentives to lower the principal of a mortgage so the payments are more affordable. There’s help for people who are “underwater” in their mortgages and for those who have become unemployed but still need to pay their mortgage loans. Access this aid online at HUD’s website.
Aid from the FHA
The Federal Housing Authority also offers support to struggling homeowners by helping them address how to stop the foreclosure process. One type of help is the FHA-HAMP plan. This was designed for people who have an FHA-insured mortgage qualify for HAMP (Home Affordable Modification Program). The FHA also proposes special forbearance for property owners who are unemployed. There are other options from the FHA; go online to find out more.
HAMP & HARP Options
Two other government-backed plans to stop the foreclosure process are HAMP, mentioned in the last section, and HARP (Home Affordable Refinance Program), which is targeted toward people whose mortgages are owned or serviced by Freddie Mac or Fannie Mae. Both of these programs reduce a mortgage payment by up to 40% and are worth looking into. Stop by at a participating lender to apply.
About Real-Estate-Yogi.com
http://www.real-estate-yogi.com is a reputable, no-charge website located in Pittsfield, Massachusetts whose service includes finding excellent, accurate responses to consumers’ property and financing queries by tapping into the knowledge of thousands of professionals in these fields. The website is operational all day, every day. For a complimentary initial conference, dial 1-800-987-1397.