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Digital News Report – If you are struggling with your mortgage payments you can get help for free from a HUD-approved housing counselor that can help you figure out what is your best way to deal with a possible home foreclosure. You might qualify for the home loan modification program, or the Home Affordable Foreclosure Alternatives Program which are other options than home foreclosure. You should always do your homework and never feel pressured to act quickly, as this often could be someone trying to take advantage of your stressful situation. If you are facing foreclosure you should see if you qualify for Obama’s government home loan modification program.
The government sponsored Home Loan Modification Program called Making Home Affordable is a free program to help those homeowners that are having a difficult time making their monthly payments. You work with your bank lenders who are also participating in the program to either lower the amount of the principal of the loan, lower the interest rate, and extend the length of the term of the loan. All of these different tactics can be used to lower the monthly payment to help reach the right amount based on your income and other factors.
You do need to collect paperwork to see if you can qualify for the program. You can get the checklist at makinghomeaffordable.gov. You can also attend a local community event that the government is hosting at different dates around the country. These free seminars gives you a chance to meet directly with your lender, and have them access your information and get you started with the trial modification process. There are also HUD approved housing counselors available at these events that will answer questions that you may have at no charge.
The government home loan modification program also has the Home Affordable Foreclosure Alternatives Program. This foreclosure alternative is helping homeowners with a short sale or deed-in-lieu of foreclosure.
So if you are facing foreclosure, you might be able to save your home. But you must be proactive and and willing to talk with your lender and the government home loan modification program to see if there is something that you can participate in.
By: Victoria Brown