| Foreclosure | 1 item found |
Foreclosure Prevention Resource Center
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People may face foreclosure for many reasons. Extreme changes in life situations — job loss, death, divorce, prolonged illness and many others — or because they must immediately relocate. Foreclosure can occur when payments become three to four or more months late, depending on the mortgage terms. | In most cases even if the bank is able to sell the property, the borrower may have to pay for any difference between the remaining balance on the loan and the sales price of the property at foreclosure, depending on the mortgage terms and state law. Foreclosure stays on a credit report for seven to 10 years. It's important to note that no one benefits from a foreclosure and mortgage servicers are doing everything they can to help borrowers who want to stay in their homes and have the means to pay their mortgage. Since June of 2007, the mortgage industry has helped avoid more than 5.2 million foreclosures via either loan modifications or workout plans. As you may know, the Obama Administration has enacted a program to help homeowners who are having difficulty making their mortgage payments. The Making Home Affordable program is a partnership between the mortgage industry and the federal government, designed to stablizie the houring market. To see if you qualify for this program, visit www.makinghomeaffordable.gov. If you are in danger of immediate foreclosure, call 888-995-HOPE – the Homeowner's HOPE(TM) hotline and talk to a counselor who can help you assess your current situation and map out a solution. Homeowner's HOPE(TM) is a counseling service provided by the Homeownership Preservation Foundation, an independent nonprofit that provides counseling services through HUD-approved counselors. In addition, the National Foundation for Credit Counseling provides help to consumers in determining whether they might be at risk of losing their homes with Mortgage RealitySM at http://www.HousingHelpNow.org, an online quiz. This site is also in Spanish. For those in situations that could lead to foreclosure, the U.S. Department of Housing and Urban Development offers some tips to avoid it at http://www.hud.gov/foreclosure/index.cfm. Veterans facing foreclosure can find assistance and view a valuable video at http://www.homeloans.va.gov/ondemand_vets_stream_video.htm. In addition, Home Loan Learning Center provides an overview of 12 things to know about the foreclosure process before calling a lender or servicer. Also, several l enders have provided HomeLoanLearningCenter.com with a list of contact information for borrowers who may be having difficulty making their mortgage payments. Borrowers facing foreclosure may be required to pay certain taxes, but many people may be eligible for tax relief. On the Internal Revenue Service (IRS) Web site, borrowers can find details about foreclosure-related tax issues and how they may be reduced. The site includes a question-and-answer section and a worksheet to help borrowers determine whether they qualify for foreclosure-related tax relief. | |||||||
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