How to Get Government Foreclosures Assistance

Government Foreclosures Assistance

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The US Government has programs to prevent foreclosures, one of which is the Making Home Affordable program. Through this program, you can get subsidies for loan modification and private home refinancing loans. The HUD (Department of Housing and Urban Development) also provides government foreclosures assistance to prevent foreclosure for all the 50 US states. You can get information about these programs by going online or just by picking the phone and calling the relevant government offices.

Steps to Take When Availing Government Foreclosures Assistance

Government foreclosures assistance can be had if you will just do your best to find help. The idea here is for you to take an active part in grabbing opportunities whereby you can get help. These programs are there for the taking so do your best to avail. Here are the steps:

1. Determine your eligibility

Before you start applying for any loan modification program, make sure that you check first whether you are eligible for the Making Home Affordable program. There is an eligibility tool in the program’s website that you can use to check your eligibility.

2. Request for counseling

Make sure that you request foreclosure avoidance counseling with HUD. The counselor will tell you about applicable foreclosure laws in your state. You have to remember that foreclosures vary greatly from state to state. This counseling service is subsidized by the government so you don’t have to worry about counseling fees.

3. Ask for a loan modification from your lender

Write a formal letter requesting for a loan modification from your lender. In this letter, make sure to express your current financial situation, provide a clear outline of your budget and request a reduction of your monthly mortgage payment. If you have become eligible for the Making Home Affordable program, make sure to mention that in your letter as well.

4. Apply for refinancing

To reduce your monthly mortgage, apply for refinancing and make sure that you send a letter of application to a lot of lenders so that you can choose which one will give you the lowest rates. If you are eligible for Making Home Affordable program, make sure to mention that too.

These are some of the steps you need to take in order to avail of the government foreclosures assistance. When you are about to face foreclosure, make sure to take these steps before things are too late. Your government has made these programs available, make sure to take advantage of them.

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