Most people facing foreclosure are most concerned about saving their homes. If your primary goal is to stop foreclosure in order to keep your house, then you’ll most likely want to consider services which usually result in a restructuring of your current loan. Other options may include refinancing or Chapter 13 bankruptcy.
However, if you know that you can’t afford to keep your house and you are looking for a way to stop foreclosure and avoid a deficiency judgment and minimize damage to your credit, other options to stop foreclosure are available.
What are your options?
Facing mortgage foreclosure is scary, and it can be hard to make informed decisions to stop foreclosure when under pressure. Make sure that you understand all of your options to stop foreclosure, which may include restructuring your loan.
In order for you to be able to qualify for loan modification, you must be able to afford your mortgage. In other words, your current income must be sufficient to meet your financial obligations. If your delinquency was caused by a one-time event like illness, loss of job or financial mismanagement, this may be your best option.
Hope for Homeowners program
On October 1, 2008 the U.S. Department of Housing and Urban Development (HUD) instituted the Hope for Homeowners Program under the FHA lender program. More than ever lenders want and will work with you now because of this new program. HOPE is designed to directly help homeowners when their mortgage exceeds the value of their home; they have an adjustable rate mortgage; they have a high fixed interest rate; they are behind, or in foreclosure; they have income and/or job issues.
For more information please visit: http://www.floridalawattorney.com