Are you facing foreclosure but do not know what to do? Are you aware there are government programs to help you stop foreclosure? If you answer NO to any of the questions, then read on for answers.
Government relief programs come with different benefits, and those benefits differ with states. However, you can have access to most of them in your state. Here are some of those programs
Loan modification
The government helps struggling homeowners negotiate an affordable payment plan with their lender. You’re assigned a mediator to help you with the negotiation process, and the results can produce:
Hardest Hit Fund (HHF) Programs
This program aims to help homeowners in states where the impact of economic crises is felt most. The help is received through local agencies to homeowners who have lost their jobs or are in financial difficulties due to the economic crisis.
Home Affordable Unemployment Program (UP)
The Home Affordable Unemployment Program provides relief for homeowners who have lost their jobs. They help reduce the percentage of your income used to pay your mortgage to 31% or suspend your payment for a set period. They offer this relief without you filing for bankruptcy, and you should try to maximize it.
The Home Affordable Foreclosure Alternatives (HAFA) Program
The Home Affordable Foreclosure Alternatives (HAFA) program Is specially designed for homeowners who qualify for the Home Affordable Modification Program but couldn’t secure a permanent loan modification. They help you with the necessary protection if you go into short sale or deed in lieu.
Second Lien Modification Program (2MP)
The Second Lien Modification Program helps homeowners secure a second mortgage on their home. Only homeowners who have gone through the Home Affordable Modification Program can enjoy this offer. And it must be the home where a loan modification was applied earlier.