your financial documents, may represent you when it comes to negotiations with your lender, and will help you to discuss alternatives for foreclosure. However, you must check whether they’re approved by HUD because unsolicited offers for help are common when it comes to foreclosure rescue scams. Once you begin working with one of these counselors, you need to let your lender know—right away. This will help your case when it comes to demonstrating your resolve. This may help you to avoid losing your home, as those who receive help with a counselor can even reduce the payments for their property tax or mortgage, when compared to someone who does not use such help.
ALTERNATIVES TO FORECLOSURE THROUGH LENDERS
An alliance of housing counselors and mortgage companies, Hope Now, strives to aid homeowners facing foreclosure, regardless of whether the foreclosure is due to mortgage payments or property taxes. They have a tool for doing a financial self-assessment that will help you get an idea of whether you’re eligible for aid from your lender, and if there are any direct links to a HUD-approved counseling agency or a foreclosure-prevention program through a lender. There are multiple alternatives that your lender may approve, with the most attractive option being to keep your home while going through a loan modification process. This will reduce your monthly payments, and can lower your interest rate, eliminate balances that are past due, extend the terms for a loan, and even change your loan to a fixed rate from
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