(Guest Post by The Residential Litigation Group)
Despite some improvement in the U.S. economy, there are still many American homeowners struggling to hold onto their homes and avoid foreclosure. Fortunately, there are a number of mortgage assistance programs designed to help homeowners, with new or better designed plans becoming available all the time. But, how can you find out about these new government assistance programs and the recently restructured existing plans?
For up to date advice on new mortgage assistance programs, it is best to go to the government itself in the form of a Housing and Urban Development (HUD) approved councilor. It is their job to be aware on a daily basis of what new mortgage assistance tools have become available and any changes that may have been made to the existing ones. All you have to do is explain the details of your situation and they will direct you towards whatever help is available to you, including new programs that may not have been available in the past. Programs generally take the form of either a loan modification or a refinancing program, altering the terms of your mortgage to make it easier to afford your home by reducing your monthly payments.
HUD-approved housing counseling is available to provide you with the information you need to help you to avoid foreclosure. They can direct you towards mortgage assistance programs that are geared towards solving such problems as: not being able to get refinancing because your home has lost too much value, refinancing FHA insured loans into more predictable fixed rate mortgages, or negotiating mew loan terms directly with your lender.
Since the foreclosure problems needing a solution vary from homeowner to homeowner, it is only through competent counseling that one can be certain they are taking advantage of the latest help that’s available. With federal, state, local, public and private programs constantly in flux, a close relationship with a trusted housing adviser is key to finding and taking advantage of the latest opportunities. With the right guidance from a housing professional, virtually anyone who is having trouble paying their mortgage can find at least some relief by taking advantage of new and existing programs that can make a real difference in the struggle to keep you in your home.