In the current US economy, nothing is easy. Gasoline prices are tenuous at best, food expenses are higher, and jobs are hard to hold onto. The stock market has been horrible this past year due to the involvement of banks with bad loans. Because of all of these things, home foreclosures are at the highest rate ever. Many Americans need government foreclosure help right away.
You may be encouraged by the bank bailout package because now at least there are funds for small businesses to get loans in order to make their payrolls. This may help things in the long run, but this does not exactly help the hundreds of thousands of bank foreclosures in process as we speak! This is why people are seeking government foreclosure help ASAP.
How soon can the government help stop foreclosure proceedings?
One thing the government is doing to help stop the foreclosure process epidemic is offering a Streamlined Modification Program (SMP) to troubled homeowners. Many people do not know or understand the basics of this plan, and there are even many banks who are not quite advertising the details to the general public.
To qualify for the Streamlined Modification Program, you
- Have a loan owned or guaranteed by Fannie or Freddie.
- Owe 90% or more than the home is valued at.
- Be behind in your payments by 90 days or more.
- Show financial hardship.
- Never have filed for bankruptcy.
- Presently occupy the home you need help with
Real government foreclosure assistance
With this government foreclosure assistance, you can essentially refinance your home at a lower rate, get your loan term extended from 30-40 years, and also get some of the principal deferred. Because this does not include a principal reduction, it is geared more towards people who want to stay in the home for the long term (30-40 years).
To get started, simply visit your bank and ask about the SMP. You will need to sign a document to move the process forward, and then a new payment on your loan will be effected to make it easier on you and to also guarantee that the bank gets some money.
Why should we support this plan of the government to help stop foreclosure?
Some people say that this sort of help just does not seem right. After all, should not programs like this be made available to everyone∏ and not just troubled homeowners?
Do not some people work two and three jobs to make pay their mortgages on time? Certainly, it can be discouraging to those who do make their mortgages no matter what the cost.
H4H is another Government foreclosure help program that you may want to check.
Why should not everyone get government foreclosure help, regardless of his or her predicament?
The answer is not always a good one to hear, but is necessary to know. The portion of Americans that cannot make their mortgage payment for whatever reason —bad loan, shifting interest rates, loss of job or new medical conditio — have to be helped because they too contribute to our businesses and the overall balance of our economy.
If we can get government help to stop foreclosure processes, then we have a chance to put things back into balance, which would be beneficial to us all. There may be government foreclosure help available to you if you take action now.