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Organizations That Help Homeowners From Foreclosure Article
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Help to Prevent Foreclosure
from:If you find yourself caught in a mortgage that you can no longer afford, you may need to find help to prevent foreclosure. The recent subprime mortgage crisis has prompted many local, federal and privately run agencies to develop programs that help to prevent foreclosure. Subprime mortgages are offered to borrowers with a few blemishes on their credit record that can’t qualify for prime rates. Usually offered with a limited time “teaser” rate that is significantly lower than the actual rate, these subprime mortgages cause many borrowers to find themselves with a mortgage that they can’t afford when the teaser period runs out. These are the borrowers that are looking for help to prevent foreclosure. Many times, these borrowers are not told of the actual cost of the mortgage until it is too late, making them victims of predatory lending.
The best place to start your information search for help to prevent foreclosure is your lender. Lenders have a lot at stake when a home goes into foreclosure. Research shows that a lender loses, on average, between fifty to sixty thousand dollars for each foreclosure. They are in the business of lending money, not owning or selling houses. They have many programs set in place to help you when you get behind in your payments. Never ignore communication from your lender. As they are willing to help and have many programs available to do so, most programs are designed to help those that are only 1-2 payments behind. Early intervention may be the difference between keeping your house and foreclosure.
The US Department of Housing and Urban Development (HUD) is the federal agency responsible for offering help to prevent foreclosure. Their web site if full of information, tips and advice to help prevent foreclosure. Because you can customize your search based on location, this web site is the most comprehensive place to find the help you are looking for. They also offer counseling by local HUD approved financial counselors. These counselors are able to evaluate your individual situation and make recommendations on their findings. They also provide local resources, such as county specific help to prevent foreclosure.
It is important when faced with a mortgage that you can no longer afford that you seek help to prevent foreclosure early. As there are many programs that have been developed to assist you, many can only be implemented before you get too far behind. Be sure to conduct thorough research before committing to any one program. Finding the help to prevent foreclosure that will suit your situation is possible, but you must be willing to do the research it takes to find it.
Organizations That Help Homeowners From Foreclosure News
CredAbility Supports HUD Studies on Housing Counseling
ATLANTA -- CredAbility said today that it strongly supports the findings of two studies released by the U.S. Department of Housing and Urban Development (HUD) that validates the value of housing counseling ...
Read more...A South Jersey foreclosure counseling agency reluctantly closes shop
The residential mortgage-foreclosure crisis was good for business at Ahome Affordable Homes in Millville. Make that too good: After several years of growth, the respected nonprofit agency, which had assisted at least 2,100 people facing foreclosure since 2009, laid off four counselors and several other staff members last month because its funding couldn’t keep up with the demand for services.
Read more...Billion dollar bait & switch: States divert foreclosure deal funds
States have diverted $974 million from this year's landmark mortgage settlement to pay down budget deficits or fund programs unrelated to the foreclosure crisis.
Read more...Editorial: Help for homeowners
Floridians now have an easy way to suggest constructive ways for their state to spend millions of dollars from the proceeds of a mortgage-fraud settlement.
Read more...LEGAL AID TO HELP FIGHT FORECLOSURE
Attorney General Eric T. Schneiderman announced his office< read more
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