Learning about Foreclosure Prevention

As an unemployed homeowner with an at risk mortgage, it was hard for me to picture any kind of forgiving option to prevent foreclosure. It seemed like the likely outcome, and I was desperate. Luckily I learned that the government under Obama has made foreclosure more possible through the implementation of several programs to work with homeowners on foreclosure prevention, and stricter requirements for certain servicers who have been found guilty of improper loan and foreclosure practices. I was afraid of talking to my lender at first, but through counsel with credit yogi, connected with an organization that worked with me and my lender to reduce the principal of the mortgage.

Prevention Programs

Through the Making Home Affordable Program, the Obama administration hopes to improve housing market conditions, economy, and stop foreclosures for homeowners everywhere. There are options to apply for lower mortgage rates and different terms to avoid foreclosure. If you’re looking for an escape from an insurmountable mortgage and housing situation, there are transitional measures that help borrowers out of their housing situation without the agony foreclosure. There were options for people like me who were unemployed and needed assistance communicating with lenders. Credit Yogi can inform homeowners about these programs and determine which one is right for them.

Protection and Aid from Servicers

Recently, I was informed about a state-federal mortgage settlement from 2012 in which the lending servicers Bank of America, Ally/GMAC, Citibank, JP Morgan, and Wells Fargo were under requirement to adjust their mortgage and foreclosure practices. Servicers were ordered to work off a requirement of millions of dollars in principal reductions and relief within three years of issued judgments. States have been provided money to aid in foreclosure prevention programs. Those worried about finding stopping foreclosure programs should find comfort in knowing that the government under Obama is in their court.

Receiving Benefits

There are many ways that “Make Homes Affordable” touches at risk homeowners looking for stop foreclosure help. There are programs that lower mortgage payments to a percentage of the homeowner’s income. Those having trouble with underwater mortgages or situations where the mortgage principal is higher than the value of the home itself can be reduced through reduction alternatives. Homeowners like me can apply for a mortgage suspension with an unemployment program. These run for a year or more while the homeowner seeks new employment.  The Federal housing authority also offers services to homeowners with unemployment or other hardships facing current or imminent default and foreclosure. 

I’ve heard of people seeking managed exits during foreclosure. They may either be looking to retain the home or transition into a more affordable situation. There are easy quick ways they can get rid of the house with enough transitioning time to find something new, such as a short sale or deed in lieu of foreclosure. After auctioning there is a window in which the foreclosed homeowner can retain the home by paying off the rest of the mortgage and the costs of foreclosure.

Read More Know about How to Stop Foreclosure

 

In any case, there are options out there and Credit-Yogi.com can lead homeowners to the right one. They are a popular consumer service and web resource for consumers and homeowners in desperate need of support or guidance. One of their 260,000 experts can advise and connect you with the right program in a free consultation.  Call 866-964-9644 today.

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