Unemployment Mortgage Assistance And Foreclosure Alternatives–Can Jobless, by Turina Evelyn, PressReleasemag.com


In these cases, where federal or proprietary home loan modifications are unavailable or unhelpful, unemployed homeowners may be able to participate in foreclosure alternatives programs which allow homeowners to surrender or sell their home and essentially be forgiven of their remaining mortgage debt. Short sale options, which have typically been used by homeowners in an underwater mortgage situation, and deed in lieu of foreclosure plans may be available to homeowners who have shown a previous ability to make the mortgage payment but, due to factors like unemployment, are simply unable to continue making home loan payments.

 

Foreclosure Prevention

The Federal Housing Finance Agency (FHFA) released its Third Quarter 2010 Foreclosure Prevention Refinance Report on the status of loan modifications at both Freddie Mac and Fannie Mae. Loan modifications through the Home Affordable Modification Program (HAMP) reportedly increased 16 percent in the quarter, although the overall volume of loan modifications and the pace of HAMP modifications declined from previous periods.

HAMP

The Home Affordable Modification Program (HAMP) was started in 2009 by the Obama Administration to bring forth a program to bring back financial stability to homeowners all over the country. The program addresses the major housing hardships that have been hurting our country, but like with sponsored programs, it has its flaws. HAMP was supposed to be designed to help lower homeowner’s payments by lowering their interest rate, changing the loan’s terms, and/or extending the length of the loan. However, now a year and a half into the program, we have observed failure much beyond what many expected.

 

Short Sale Program

Obviously, homeowners may still have to work with their mortgage servicer in some cases, but there or certain programs which offer grant-like assistance options to homeowners, borrowing opportunities for loans at 0% interest which may be forgiven, or even foreclosure alternative programs for homeowners who are simply in a situation where these assistants plans may not be beneficial. While homeowners may still contact their mortgage servicer to inquire about assistance, state housing agencies also have information regarding these state-specific programs which could be beneficial to homeowners in areas that are facing a greater than average number of home loan hardships.

Ways to Stop Foreclosure Immediately Yes, it is Possible, by Expertforeclosurehelper.com


Foreclosure auction 2007

Image via Wikipedia

If you are facing foreclosure, all hope is not lost. There are ways to stop foreclosure immediately and you may have more power than you think. If you have fallen behind on mortgage payments and think you are – or know you are facing foreclosure due to a notice from your lender. Take action now.

It is actually more expensive for a lender to foreclose on a home than it is to work with a distressed borrower. The moment you realize you will have trouble making an on-time payment, contact your loan officer and explain your situation. You’ll be amazed at the willingness of many mortgage lenders to offer extensions and foreclosure alternatives to borrowers who make an honest and sincere effort to communicate and cooperate with a lending institution.

Explore your refinancing opportunities. Despite a sluggish economy, there are still many lenders out there who are willing to refinance home loans. Depending on your credit rating, home equity and ability to repay, you may find the right lender to offer a creative loan package that could actually lower your payments or allow you to miss a payment in the refinance process. If you think you may be in trouble, seek a refinance opportunity before late payments drag your credit rating down.

A qualified representative can work with your bank to negotiate a settlement. In many cases, mortgage lenders will accept less than is actually owed on a home to avoid the expensive process of foreclosure. In the end, a short sale could have less negative impact on your credit rating than a foreclosure.

By the way, by researching and comparing the best stop foreclosures services in the market, you will be able to determine the one that meet your specific financial situation, plus the cheaper and quicker options. However, it is advisable going with a trusted and reputable stop foreclosure specialist before making any decision, this way you will save time through specialized advise coming from a seasoned advisor and money by getting better results in a shorter span of time.

Hector Milla runs the Stop Foreclosure Loans Help website, where you can get immediate assistance from professionals serving your state. We have done all the hard work for you and selected the best 3 rated stop foreclosure services.