Foreclosure has been running rampant over the past five years since the recession that began in 2008. It has stabilized to somewhat manageable levels, but millions of Americans are still facing foreclosure each year. Some are able to climb out of the hole that they have found themselves in, but others aren?t as fortunate.
If you find yourself in the latter group, and you?re on the verge of facing foreclosure, there are many ways to get help quickly. With an Internet connection, you are just a few clicks away from the necessary assistance.
Freddie Mac Foreclosure Resource Center
Freddie Mac has an online foreclosure resource center devoted to helping homeowners who are facing a foreclosure. You can find out if you are eligible for a refinance, which will modify your payments into something more manageable, either for the short term or long term.
On top of repayment assistance, other options provided on Freddie Mac?s site include enrollment in the Home Affordable Modification Program (HAMP) and lists of foreclosure attorneys in your area. Pay close attention to this website as there are many links and large databases of information that can be useful for many people facing a foreclosure.
USA.gov Foreclosure Resources
The U.S. government also offers some great foreclosure advice online. For example, it encourages homeowners to contact their lenders instead of ignoring them. Ignoring your lender will only lead to foreclosure because it shows the lender that that you will not make a good faith effort in modifying your loan. Contacting your lender also makes it more likely that you will be able to stay in your home ? if you abandon your property, you may not qualify for assistance.
This government site will also provide you with scams to look out for and avoid. Fake programs exist that are trying to take advantage of homeowners who are desperate in their time of need. Programs to avoid include lease-back or rent-to-buy scams that ask you to transfer the title of your home. Under no circumstance should you do this, as it will only set you up for failure. Also, look out for fake government programs. These programs are easy to spot as they will ask for fees; real government assistance programs will not charge you any fees.
HUD Programs
Finally, the U.S. Department of Housing and Urban Development offers many good links at their site. You can find out how to enroll in programs and get answers to questions you may have when faced with foreclosure. This site will explain all of the ways that you can modify and refinance your current mortgage for a more affordable payment. It also gives you options no matter what type of situation you are facing. Whether it?s unemployment, an underwater mortgage, FHA-insured mortgages or managed exit plans, there?s no scenario that isn?t covered by the HUD.
Now that you are aware of the programs and resources that are offered online, take a look. Every possible scenario is covered on these sites to help you avoid losing your home.
This guest post was written by Simon Campbell. Simon has spent over 15 years in all the various facets of real estate, including sales, purchases, investment and research. His experience also includes commercial and residential property management and even real estate appraisal. Simon is now sharing his knowledge and experience with others through writing, mentoring and consultation. Check out Simon?s profile on?Google Plus?and his?blog.
Source: http://www.realestate.com/advice/online-resources-when-faced-with-a-foreclosure-30935/
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