Stop Mortgage Foreclosure Program for Homeowners to Secure Mortgage Payment

MARIETTA, Ga. - May 9, 2013 - PRLog -- However, there is at least one government-sponsored stop foreclosure program, and Credit-yogi.com is here to offer some advice about how to access it and other options, such as:

·         Defining a Financial Difficulty

·         HUD Foreclosure Prevention

·         HAMP can Halt Foreclosure

·         HARP will Help

What Constitutes a Financial Difficulty?

There are innumerable reasons that people end up facing foreclosure, the most prevalent one being an unexpected and drastic change in one’s fortunes. When asking “How can you stop foreclosure?” be sure to look at what happened to put one into this position. A financial hardship can result from anything, including mismanagement of funds, a job loss, or a death in the household that affects its income. When applying for help to stop the foreclosure process, be sure to have documentation of the financial difficulty that caused it to be filed in the first place.

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Foreclosure Prevention Plans: HUD

The Making Home Affordable program originated by the Obama administration is an effective stop foreclosure program, and is available through the Department of Housing and Urban Development (HUD). It is comprised of several components, such as the Principal Reduction Alternative (PRA). This option is designed for homeowners whose houses are worth considerably less than what they owe. It encourages mortgage servicers and lenders to reduce the principal of a mortgage and is immeasurably helpful for those struggling to make their mortgage payments.

Stop Foreclosure with HAMP

Another response to “How can you stop foreclosure?” is by utilizing the Home Affordable Modification Program (HAMP), offered by the federal government. This is a program developed to help homeowners who suddenly found themselves having trouble paying their mortgage. Modifying a loan means making changes to it, such as extending the repayment period or decreasing the interest rate on the loan. Apply for HAMP assistance through any lending institution that participates in the program.

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HARP will Help Stop Foreclosure

Another stop foreclosure program is the Home Affordable Refinance Program (HARP). This plan works for people who are “underwater” in their loans. This means that the home’s value has decreased, making it difficult to obtain a traditional refinanced loan.. This relief plan is only available to those whose mortgage is owned or guaranteed by Fannie Mae or Freddie Mac, and the mortgage has to have been sold to either Freddie or Fannie before May 31, 2009 in order to qualify.

Credit-yogi.com is a highly esteemed website whose goal is to help consumers by providing expert answers to their financial inquiries, at no cost. The website is available 24 hours a day, 7 days a week, so call for a complimentary conference  866-964-9644.