Foreclosure Assistance

Foreclosure Assistance

Foreclosure assistance may be available in a variety of forms for homeowners in distressed financial situations. There may be government programs to help homeowners modify their mortgages, government programs to help homeowners with underwater mortgages, programs offered by mortgage lenders and assistance available from foreclosure defense attorneys. Homeowners facing foreclosure are encouraged to review all of their foreclosure assistance options in order to make a well-informed decision.

Foreclosure Assistance From Government Programs

Foreclosure assistance from government programs became more widely available after the foreclosure crisis shook the United States’ housing market. Some programs may help homeowners modify or refinance their mortgage loans while others may help homeowners with underwater mortgages.

Foreclosure assistance programs from government programs to help modify or refinance a mortgage loan may include, but are not limited to:

  • Home Affordable Modification Program (HAMP)
  • Principal Reduction Alternative (PRA)
  • Home Affordable Refinance Program (HARP)

Foreclosure assistance programs from government programs to help homeowners with underwater mortgages may include, but are not limited to:

  • Treasury/FHA Second Lien Program (FHA2LP)
  • Principal Reduction Alternative (PRA)
  • Home Affordable Refinance Program (HARP)

Foreclosure Assistance From Mortgage Lenders

Foreclosure assistance may be offered by mortgage lenders in various formats since it is typically less expensive for the mortgage lenders to avoid foreclosure proceedings than to follow through with the foreclosure process. Common options a mortgage lender may offer to financially distressed homeowners to help avoid foreclosure may include:

  • Loan Modifications
  • Short Sale
  • Deed in Lieu of Foreclosure

Foreclosure Assistance From Foreclosure Defense Attorneys

Foreclosure defense attorneys may provide significant help when dealing with the harsh realities of foreclosure. These attorneys are typically very experienced in dealing with mortgage lenders and the foreclosure process. An experienced foreclosure defense attorney may review a homeowner’s specific situation and advise homeowners on how to get the most favorable outcome.

Additionally, foreclosure defense attorneys may negotiate with mortgage lenders on behalf of homeowners, submit requests for loan modifications and/or take the foreclosure offensive against mortgage lenders in court.