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Resources for Avoiding Home Foreclosure

ADDED ON September 29, 2017 0 COMMENTS

avoiding home foreclosureHome ownership can be a heavy responsibility at times … especially when times are tough.  It can be challenging to find help when times are difficult due to a  decrease or loss of income, illness, unexpected disaster or home repairs, or personal crisis such as separation or divorce.  Add to that a reduction in home values, and the problem can seem insurmountable.  While savings can help to alleviate some of the impact of these life events, it is still helpful to be aware of  potential programs and alternatives offered to distressed homeowners, too.  In fact in last month’s State of the Union address, President Obama made reference to this struggle in home ownership, saying, “And while Government can’t fix the problem on its own, responsible homeowners shouldn’t have to sit and wait for the housing market to hit bottom to get some relief.”  Let’s talk about avoiding home foreclosure.

If you find yourself in a no-win situation regarding your mortgage, it can be helpful to speak with your lender and ask about modifications that can be made in the short term.  You can ask about the short sale process,  too, and see if that may be a viable option for you.  A short sale is when your lender agrees to accept a lower price than is owed on your property as payment in full.  There is a lot of paperwork that accompanies this type of sale and it is helpful to use a real estate agent that has short sale experience with this type of transaction.  In fact, some real estate agents and home buyers specialize in just this type of sale and can be a great help to you!

If you want to stay in your home, rather than sell, programs such as the Home Affordable Refinance Program (HARP), Home Affordable Modification Program (HAMP) , or the Home Affordable Foreclosure Alternative (HAFA)  offered by Freddie Mac may all be options.  Fannie Mae and your individual lender may have other programs that can assist you as well.

Here are some resources to help in avoiding home foreclosure and to prevent foreclosure:

FreddieMacWho to Contact for Help
HUD (U.S. Department of Housing and Urban Development)Resources for Avoiding Foreclosure – listed by state
FannieMaeKnow Your Options
FDIC (Federal Deposit Insurance Company)Foreclosure Prevention
USA.gov (the U.S. government’s official web portal)Foreclosure Resources
Federal Reserve System Mortgage Foreclosure Resources
Mortgage Bankers AssociationForeclosure Prevention Contact Information for Banks and Lenders
Homeownership Preservation Foundation
National Foundation for Credit CounselingHousing Counselors Member Agency Locator

You have options, and there is help … please take time to explore them. We also advise you to consult with your tax, legal and financial advisors for guidance to stop or avoid home foreclosure, and to understand the legal, tax and IRS consequences of foreclosure.

It can be emotionally and physically demanding on you and your family, but please … don’t give up!

Current market statistics can help you understand the real estate market in your area.

Understand the market statistics in Pasadena, plus median price and days on the market

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