Programs That Could Save Your Home From Foreclosure
Are you afraid to open the certified letters from your mortgage company? And don’t want to answer the calls coming from the bill collector? This could be a horrible experience for you if are unable to pay your monthly mortgage bills and fallen behind on your mortgage payments. You might be wondering what to do to save your home.
Actually, there are about 2.7 million people are facing foreclosure, according to the US Treasury Department, a 150 percent increase over the last year. If you find yourself going on that foreclosure direction, then it is time for you to take action. There are so many organizations and programs that can help and assist you to stop foreclosure.
Here are some of the organizations and programs that can help:
The Hope for Homeowner’s program – This program is administered by United States Department of Housing and Urban. The main aim of this program is to help those families in troubled paying their mortgages. The hope for the homeowners’ program has loan terms of 30-year fixed rate, a 90 percent loan-to-value ratio and best of all there is no prepayment penalties to be paid.
FHA-Secure – This is another Government refinancing program that helps borrowers to avoid foreclosure. Homeowners who are left behind or upside down on their mortgage payments will be given a refinancing option with non-FHA adjustable rate mortgages. A good thing that this program can give homeowners is by allowing them to get a regular mortgage at market rates.
The Home Now Alliance – Since that there are so many people are facing foreclosure process the US government in cooperation with investors, lenders and counselors formed this alliance in response to the sub prime mortgage crisis. To avoid foreclosure the Hope Now is trying to make connections between the lenders and homeowners to help them through the loan workout process to prevent a foreclosure sale.
Associations of Community Organizations for Reform Now – Known countrywide as ACORN, a collection of community based organizations that advocated to help low and moderate income homeowners by working against sub prime loan and 90-day moratorium. The Organization top priorities are to provide every single poor family with better and affordable housing.