Owning and paying for your home mortgage is no easy task, especially when you face financial issues or complications.
The problem of foreclosure arises when homeowners are unable to service their mortgage loans and miss payments continuously for a few months, putting their home in jeopardy of being auctioned off after foreclosure proceedings are completed.
In view of the recent recession that hit us badly, many people are caught in the mess, and thus foreclosure cases have increased by the hundreds over the past two years.
As more and more people seek solutions to overcome this predicament, the first place one should look for is the government itself, as the government has prepared several plans to help homeowners cope with the financial difficulties that they are facing at the moment.
Let us look at the options that are available through the government to stop foreclosure, and how one can obtain these plans: 1) First and foremost, the central government through the President's office has introduced the Loan/Mortgage Modification Plan to help homeowners keep foreclosure at bay by refinancing their homes at better rates and conditions.
Lower interest rates and a longer duration of the loan can be expected.
Nevertheless this plan has received its fair amount of criticism as the application process is lengthy, and it is hard to obtain approval.
President Obama has promised a revamp of this plan, something that we can expect to materialize in the next few weeks.
2) Project Lifeline is a plan that has been devised also by the central government, a quick-result solution for those who want to postpone foreclosure proceedings against them for a time period.
This is also a central-government initiative, allowing homeowners to buy some time to save their homes.
3) You could also head to the United States Department of Housing and Urban Development (HUD) website and discover a variety of plans and incentives that are currently being offered to those who require assistance to salvage their homes from being auctioned off.
Lender incentives and financial assistance are some of the items that are available here, so take your time to explore your options on the HUD website before deciding what you want.
4) The FHA Secure Initiative Plan is also highly useful for those planning to stop foreclosure now.
This program is offered by the Federal Housing Administration (FHA), and provides all the needed information in terms of mortgage foreclosure for those who require information on this topic.
There is also an option for refinancing available under this initiative, and you could also secure yourself against irresponsible creditors who try to take advantage of you when offering loans for home purchase.
You would be able to find details on this on FHA's website, so head there immediately! Make use of what the government has to offer in order to help save your home, and postpone foreclosure indefinitely!