Foreclosure Assistance

Foreclosure assistance is much more readily available than at any other time in history. Here are some of the organizations and/or programs available to them:

1. The Home Ownership Preservation Foundation has experienced counselors available who will provide you with a a plan tailored just for you and your situation. Just call them at this number: (888)995-HOPE (4673).

When you call have the following information ready: your foreclosure notice, recent mortgage statements, homeowner's insurance policy, pay stubs, bank account statements, tax return and any major monthly bills.

2. Fannie Mae has set aside $12 million in grants to bring counseling to homeowners in distress. It's website has a nice guide to all kinds of foreclosure resources and information. It even allows you to do a nationwide online search for a foreclosure counselor.

Click here to go to Fannie Mae's website.

3. The HOPENOW project encouraged by the HUD (Housing and Urban Development) is a coalition of mortgage lenders, counselors, servicers and trade groups. They help homeowners and lenders come up with loan workouts and loan modifications.

Loan workouts are mainly repayment plans. They require homeowner to make up the back payments by paying a little extra each month. Although they may work for some homeowners, loan modifications turn out to be better suited for most homeowners. In loan modifications, the actual terms of the loans are changed such as: the interest, payment amount and even the principal.

Thankfully, lenders have shown an increased tendency to want to do loan modifications. Although loan modifications made up only 20% of the total assistance given by member lenders in 2007. There are encouraging signs: in September of 2008 they made up 46%.

Click here to read more information about the hopenow project.

Click here for more foreclosure assistance information