When you are fighting to stay in your home, you spend the majority of your available time trying to find help. Arguing with your bank or mortgage lender and getting daily phone calls and threats by mail can easily consume your life. What you might not know is that you could be eligible for special government assistance for foreclosure programs. The government has responded with programs to help ailing homeowners get some mortgage relief when facing imminent foreclosure. There are various programs that have been created to help just about every homeowner. There are certain qualifications that must be met before the government will provide assistance.
Due to the overwhelming amount of foreclosures, the review process can take a long time to complete. Homeowners that have received a sale date for their property might not have enough time to take advantage of government help. In these cases, there are only a few options of which a qualified Avoid Foreclosure specialist can explain to someone in an advanced phase of foreclosure.
Types of Government Assistance for Foreclosure
Home Affordable Modification
This option is for homeowners that have a mortgage less than 3 years in age. This new program can allow a large reduction in monthly mortgage rates. Additional qualifications include homeowners with outstanding mortgages of up to $729,750 and a clean arrest record.
Principal Reduction Alternative
Financial hardships related to mortgages are usually the cause of inflated mortgages. A principal reduction program offered by the government can reduce the mortgage payments that you owe on your home. This is often used for homeowners that owe more on a home than what it is currently worth.
FHA Affordable Modification Program
Many government secured loans can be modified. All government guaranteed loans are eligible for a reduction of mortgage payments. The reduced amount can be no higher than 31% of a homeowners pretax earnings. Strict qualifications are attached to these modification programs and other government assistance for foreclosure.
Veteran’s Administration Modification Program
Service men and women that have received mortgages as part of government service may be eligible for a veteran’s loan modification. Department of Veteran’s Affairs loans can be modified to reduce the monthly mortgage payments to a more suitable payment for struggling homeowners that have served in the U.S. armed forces.
How to Get Help Fast to Prevent Foreclosure
You can avoid foreclosure if you know what to do. There is little time when your bank or lender is working hard to get you out of your home. Professional foreclosure specialists at Avoid Foreclosure know how to help you. There are not very many people that are willing to stand by you when you are going through tough times. Let a professional that understands your desperate situation help you stop foreclosure today. Call 1-800-589-4106 to get help fast.