Programs to Help You Avoid a Foreclosure Crisis
Goverment programs that give mortgage relief so you can avoid a foreclosure when you’re in a financial crisis.
Laura Adams, MBA
Even though the economy is slowly improving, one out of every 17 homeowners is behind on his or her mortgage payments. Foreclosure continues to devastate families and communities across the country.
If you’re struggling to pay your mortgage each month, there are government programs designed to help you avoid foreclosure. Oftentimes homeowners are working so hard to keep their homes that they may be unaware that help is available.
The best place to turn to if you’re in danger of losing your home is the Making Home Affordable (MHA) Program at Makinghomeaffordable.gov. MHA is a free federal resource that’s helped more than 1.5 million families since it launched in 2009. It was designed as part of a comprehensive plan to stabilize the U.S. housing market by helping homeowners get mortgage relief and avoid foreclosure.
The program offers a range of solutions such as refinancing at a lower interest rate to reduce monthly payments, loan modification, principal reduction, second lien modification, and programs specific to FHA and VA loans. MHA has been extended through at least December 31, 2016.
To find out if you’re eligible for MHA assistance, visit Makinghomeaffordable.gov or call 888-995-HOPE (4673) to speak to a HUD-approved housing counselor for solutions based on your circumstances.
Other Links You Might Like
Buying a Home After Foreclosure
How to Survive a Financial Crisis
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About the Author
Laura Adams received an MBA from the University of Florida. She’s an award-winning personal finance author, speaker, and consumer advocate who is a frequent, trusted source for the national media. Money-Smart Solopreneur: A Personal Finance System for Freelancers, Entrepreneurs, and Side-Hustlers is her newest title. Laura’s previous book, Debt-Free Blueprint: How to Get Out of Debt and Build a Financial Life You Love, was an Amazon #1 New Release. Do you have a money question? Call the Money Girl listener line at 302-364-0308. Your question could be featured on the show.