How To save Your Home From Foreclosure - Homeowners to Secure Mortgage Payment

MARIETTA, Ga. - June 19, 2013 - PRLog -- So many homeowners throughout the country are still facing the threat of losing their homes to the bank that it’s no wonder they need answers to how to save your home from foreclosure. Fortunately, Credit-yogi.com is here to provide those answers, along with other information about foreclosure prevention, such as:

·         FHA Foreclosure Prevention

·         Making Home Affordable

·         HAMP

·         HARP

Foreclosure Deterrence via FHA

The Federal Housing Authority, part of HUD, has two new programs that address how to stop a home foreclosure. One of them is the FHA Secure plan, which allows non-FHA-insured homeowners who have a strong payment history and credit rating to refinance their adjustable rate mortgages (ARMs) through the FHA. The other program is the Hope for Homeowners Program. This plan supplies 30-year fixed rate mortgages which are FHA-insured to those at risk of defaulting and facing foreclosure. Contact the FHA online for more info.

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MHA Programs

The Making Home Affordable program, available through the Department of Housing and Urban Development (HUD), is another way to handle how to save your home from foreclosure. Among the choices under this umbrella are the Principal Reduction Alternative (PRA), which encourages lenders to reduce the principal of a person’s mortgage by offering them inviting incentives. MHA also has a plan for unemployed folks, those underwater one their mortgages, and people needing help with their second mortgage payments. See HUD’s website to learn more.

HAMP

The Home Affordable Modification Program (HAMP) was developed by the Obama Administration and its goal is to help stressed homeowners by lowering their monthly payments. This is a very accessible response to how to stop a home foreclosure, and is relatively easy to qualify for. Some of the requirements are that the mortgage has to have been obtained on or before January 2009, the property to be modified is not condemned, and that the homeowner is either in default or is in danger of defaulting, leading to foreclosure. Apply for this program through a participating lender.

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HARP

Another facet of the Making Home Affordable programs, HARP (Home Affordable Refinance Program) is one more solution to how to save your home from foreclosure. To qualify for this program, one’s mortgage must be serviced or owned by Freddie Mac or Fannie Mae and must have been obtained prior to June 2009. One must have a reasonably good credit score and the mortgage must be current. Find out more when applying with an approved lender.

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