Does the government help to stop foreclosure? Public opinion is divided between those who would like to see the government helping homeowners that face foreclosure and those who do not want any government involvement at all.
Anyway, banks are asking for the implementation of better fund management and a redoubled lending capacity. If you would like to get government help to stop foreclosure you have to actively try to locate this type of foreclosure assistance. It is not something that comes to you just like that. Inquisitive homeowners striving to keep their homes can possibly utilize such funding to prevent foreclosure of their property.
There are two main US government agencies devoted to assist American citizens in different aspects of housing, foreclosure and more. They are the HUD and its division, the FHA, that we discuss below.
HUD foreclosure help
Consulting with the US Department of Housing and Urban Development or HUD should be your first step. The HUD organization will neither grant you a loan nor will it talk to your lender on your behalf. However, they do help to establish a higher degree of communication with the lending company.
The HUD’s mission is to educate and make you acquainted with your rights concerning your house and the foreclosure process. Not only that, they regularly have programs developed to help low- to moderate-income families to keep their homes.
Federal Housing Association foreclosure assistance
If your loan is a FHA loan óa government insured loanó the FHA can also assist you in analyzing your options and finding the best foreclosure solution for you.
Keep in mind that the FHA does not offer loans either, but they do endorse them with the government’s security. They are most interested in ensuring that your home does not enter the foreclosure process.
So the first thing you have to do is to find out if your loan is a FHA loan and ask the FHA for advice regarding your government help to stop foreclosure options.
Development of Government help to stop foreclosure solutions
The US government help to stop foreclosure programs are modified, renewed and updated from time to time. New bills are passed in this respect, and increasingly there are more government agencies and officials working on finding foreclosure solutions and thus enhancing the government help to stop foreclosure programs for US citizens.
This is to say that the foreclosure world is dynamic. So if you are facing foreclosure and could not come to any feasible agreement with your lender ask government agencies like the HUD and the FHA if there is any government help to stop foreclosure available for your specific case.