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Foreclosure Help 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.
Foreclosure Help Specific links
Foreclosure Help News
Hub Fed head: Rich towns must help poor ones fight foreclosure - Boston Herald
 Boston Globe | Hub Fed head: Rich towns must help poor ones fight foreclosure Boston Herald Policymakers are mostly treating the symptoms and not the causes of widespread foreclosures and abandoned homes across the region and ... RPT-Communities key in foreclosure fight-Fed's Rosengren 'Holistic' approach to foreclosure crisis urged Fed's Rosengren: More 'Holistic' Approach Needed for Foreclosures |
Firm to pay state $100k+ for misleading marketing for foreclosure help - Madison.com
Firm to pay state $100k+ for misleading marketing for foreclosure help Madison.com According to the state's complaint, FLM marketed purported loan modification and foreclosure rescue services to distressed homeowners in Wisconsin under the ... Loan firm told to pay $105754 |
Avoiding Foreclosure–How Are Troubled Homeowners Using Plans To Avoid Home ... - Red, White, and Blue Press (blog)
 News Quench | Avoiding Foreclosure–How Are Troubled Homeowners Using Plans To Avoid Home ... Red, White, and Blue Press (blog) Plans like these foreclosure alternative efforts have been set in place to help homeowners who can no longer afford their home loan but may find themselves ... A Making Home Affordable Program Can Help You Save Finances HOPE Hotline Helps Homeowners Who Have Trouble In The Making Home Affordable ... Home Affordable Foreclosure Alternatives–Can Programs Help Homeowners Who Face ... |
Bernero: Pull state money from banks that won't help with foreclosures - Michigan Messenger
 The Grand Rapids Press - MLive.com | Bernero: Pull state money from banks that won't help with foreclosures Michigan Messenger ... on Thursday that he would pull all state funds from those banks that do not cooperate with the state's programs to help residents avoid foreclosure. ... Bernero wants state to cut ties with banks not in foreclosure program Lansing Mayor Bernero targets Wall Street banks Bernero says he would yank state money from big banks |
Help available to avoid foreclosure - Palladium-Item
Help available to avoid foreclosure Palladium-Item "In Ohio, and I just can't get over this, there was 100000 foreclosure notices in the first quarter," Clemons said. While free help exists, the foreclosure ... Experts say there are ways around mortgage woes Foreclosure Prevention Effort Offers Mixed Results |