No one wants to get the letter in the mail. No one wants to hear the word “foreclosure”. We have been getting used to the fact that so many of our friends, neighbors, coworkers, and family members are losing their homes, but it doesn’t get any easier to face. When you realize foreclosure is threatening you, a million questions and worries race through your mind. All you want is someone to break it down and help you understand your options. It’s hard enough facing the reality of the situation and continuing to live your life. Spending hours upon hours online researching this ugly problem is the last thing you want to do. There are so many foreclosures in the United States right now, it’s almost like we, as Americans, are all going through this together. Starting the search for help is the first step.
President Obama initiated a very helpful Homeowner Affordability and Stability Plan (HASP), thereby helping eligible homeowners to be able to lower their monthly payments by getting a “Making Home Affordable” loan modification or refinance. To find out if you are eligible for this service, visit this site: https://www.hopenow.com/ and complete the online questionnaire.
It is important to talk to your lender if you are having trouble making your loan payments. Most people don’t want to talk about money-related problems and some are even afraid to tell their lender for fear of escalating the situation. If you are hesitating to call your lender, just remember, the foreclosure process is expensive for your lender to go through. If it is possible to modify your loan or refinance, your lender would rather do that than foreclose on you. They would rather get a smaller payment than none at all. Furthermore, lenders are required to work with struggling homeowners. If they will not, call the FHA or the VA, whichever type your loan is, for support. Keep communication open and you will find out that your lender might be one of your greatest resources in navigating this sticky situation.
For additional help and information about saving your home from foreclosure and the processes involved with the different options, contact a foreclosure avoidance professional who can offer expert advice in great detail. Counseling is offered at no cost to you, funded by The U.S. Department of Housing and Development (HUD) and NeighborWorks® America. Follow this link: http://www.hud.gov/offices/hsg/sfh/hcc/fc/ to the HUD website for a list of such foreclosure avoidance professionals.
It is a stressful and tiring process and we all wished we would never have to face the word foreclosure, but when you do, it is good to know there are options and there are people who will be there for you to help you navigate your way through the problem.