Homeowners who are facing foreclosure now have more choices of programs under 2010 foreclosure laws than they did a year ago to help them save their homes from foreclosures. There are now several government foreclosure avoidance programs available to distressed homeowners as well as state programs. Foreclosure help is available through HUD certified foreclosure housing counselors at no cost to consumers. To find a foreclosure avoidance program in your area, you can visit The U.S. Department of Housing and Urban Development (HUD) website, as well as speak to an experienced attorney to guide you through the process for foreclosure help.
Current and New Foreclosure Programs for 2010
Homeowners can take advantage of the latest foreclosure law updates under the 2010 foreclosure laws.
Making Home Affordable Modification Program (HAMP)
The Treasury Department recently announced new guidelines on The Home Affordable Modification Program (HAMP) and the Home Affordable Alternatives Program (HAFA), which is part of HAMP. The government is giving loan servicers incentives to participate in these programs, which are effective April 10, 2010. Loan services and lenders may participate in the programs voluntarily at any time prior to the effective date.(click here for more information on HAMP: The Home Affordable Modification Program)
Making Home Affordable Refinance Program
The HAMP program offers eligible borrowers a uniform loan modification that provides borrowers with an affordable mortgage payment. Homeowners must meet certain eligibility requirements. The programs are available to owners of primary residences and owner-occupied properties with 2-4 units.
Home Affordable Alternatives Programs (HAFA)
For those borrowers that do not qualify for a mortgage modification, the HAFA program offers the option of a short sale or deed in lieu of foreclosure. Homeowners are also offered an incentive for participating in the HAFA program and closing a short sale.
Will these Programs Help?
The HAMP program, Home Affordable Refinance Program and the HAFA program are all ways for homeowners to save their homes from foreclosure. The mortgage modification and refinance programs reduce the borrower’s mortgage payments to an affordable one so that they don’t lose their home to foreclosure. The addition of the HAFA program should help streamline the short sale approval process, which has been frustrating everyone because it takes at least 3 to 6 months to process a short sale and obtain approval. (click here to see how HAMP affects your credit)
Do you Need an Attorney or Legal Help?
For more information your HUD housing counselor or attorney can also answer any questions you may have about these programs. Foreclosure attorneys licensed in your state stay up to date with all legal developments of foreclosure avoidance programs, how they work, and how they may effect your individual states foreclosure laws. Consult your case for free from a Foreclosure lawyer in your area.
