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Government Programs Available to help you avoid Foreclosure

As foreclosures continue to rise, there are government programs available to help you. I tend to encourage clients to consult with an experienced bankruptcy attorney about filing for bankruptcy to halt the foreclosure and allow you some time to explore these programs. It is difficult to navigate these programs with the help of an experienced attorney. You can learn more about the government's programs at www.makinghomeaffordable.gov.

Home Affordable Modification Program (HAMP)

The HAMP program is a way to lower your monthly mortgage payments. The program can lower your monthly payments by lowering your interest rate or extending the length of your loan. Lowering the monthly payment can dramatically help people who are finding their current mortgage plan difficult to manage.


VA Home Affordable Modification Program (VA HAMP)

Since VA loans are not eligible for the traditional HAMP program, the government adopted a VA HAMP program. All VA loans are eligible for consideration under this program. It can help soldiers, veterans, and their families lower their monthly mortgage payments so they can save their homes.


Home Affordable Refinance Program (HARP)

Individuals who are still current on their mortgages may consider the HARP program to help them. If you cannot receive a traditional refinancing option because your home has deceased in value since you purchased it, HARP is designed to help you obtain a new, more affordable, more stable mortgage.


Home Affordable Unemployment Program (UP)

For some people the economy has come with a double punch, leaving them jobless and struggling to make their mortgage payments. The UP program is designed to help people who are unfortunate enough to be in this position by suspending mortgage payments for at least 12 months or until you find employment.


Home Affordable Foreclosure Alternatives (HAFA)

Sometimes you can't save your home. The HAFA program is for people who are unable to continue to make their monthly mortgage payments and unable to modify their mortgages. It allows individuals to give back their homes using a HAFA short sale. One main advantage of a HAFA short sale over a traditional short sale is that a HAFA short sale complete releases you from your mortgage debt after you sale the property. Another advantage is that a HAFA short sale has a less negative impact on your credit score than a foreclosure or traditional short sale. Finally, you may be eligible for $3,000.00 in relocation assistance after the sale.

If you are facing foreclosure, don't delay! Contact experienced staff to explore your options! Call 254-633-2876 today or email me at [email protected] for a free, no-obligation consultation before you lose your home. Let my family help yours!

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