What are some government websites that can help with foreclosure?
A recently released series of polls and statistics, from diverse entities such as Harris Polls, Freddie Mac, and MetLife Insurance, have come up with some scary numbers related to the housing crisis in America. This data indicates that one in two hundred homes are now facing foreclosure within the next six months. Take a city the size of Washington, DC, and this means that over the course of the next six months, 3,000 homes are likely to be foreclosed. More frightening details — every three months, 250,000 new families enter foreclosure. Probably the scariest figure is that as many as 60% of homeowners polled have no idea where to find information that may help them avoid foreclosure.
Many people are afraid to seek help with their housing situation. There have been plenty of frightening stories on the news about shady foreclosure “counseling” that is little more than a scam designed to take homeowner’s money and provide little assistance if any at all. Still other Americans believe there is nothing that can be done.
Here is a short list of government sponsored websites to assist you and your family if you’re on the road to foreclosure. Rather than taking the risks associated with private “mortgage counselors”, you can start yourself on the road to financial recovery by gathering facts from the government. The websites described below are just a handful of the information and programs available to you from the Federal government.
I hate using this term, but if you’re looking for a “one stop shop”, this Guide to Avoiding Foreclosure from the Department of Housing and Urban Development is just that — a starting point for people looking to avoid foreclosure.
The page is easy to navigate, with most of the major information divided into four categories: Get Help Now, Keep Your Home, Refinance Options, and If You Can’t Keep Your Home.
Under the Get Help Now heading, you will find links to government sponsored foreclosure avoidance counselors, a guide to “talking to your lender”, a link to locating state and federal foreclosure resources, and a link to a program called Hope Now.
Hope Now is an alliance between Housing and Urban Development, mortgage lenders, investors, and government approved mortgage counselors. Hope Now is the place to go for basic questions about foreclosure, to identify a potential scam, and tons of information about President Obama’s “Homeowner Affordability and Stability Plan”. Through the Hope Now program, you can find upcoming Hope Now events in your area. At these events, homeowners will have access to mortgage counselors and other financial experts to assist you in your fight against foreclosure.
Other information found at the HUD Guide to Avoiding Foreclosure is a step by step review of the foreclosure process, a “foreclosure kit”, and a glossary of morgage and foreclosure terms, if you’re having trouble understanding the legal jargon involved.
This site, also sponsored by HUD, displays a large banner up top featuring a no nonsense quote from President Obama.
“We expect you, the American people, to hold us accountable for the results. That is why we have created Recovery.gov-so every American can go online and see how their money is being spent.”
This site will explain what the government is doing with money invested in the Recovery Act.
The Recovery Act is composed of well over $13 billion spent on projects and programs administered by the Department of Housing and Urban Development. Around 75 percent of this money was immediately allocated to state and local recipients of aid in February of this year — just eight days after President Obama signed the Act into law.
Recovery Act investments in HUD programs will generate tens of thousands of jobs, update American’s homes to make them energy efficient, and (most importantly) go toward helping families and communities hardest hit by the economic crisis pick themselves up by their bootstraps and recover. The other 25 percent of Recovery Act funds will be awarded in the coming months. hud.gov/recovery exists to provide transparency in the allocation of all of the Recovery Act funds.
If you want to know what your government is doing to assist you and your community through these tough times, you can look at programs implemented though Obama’s Recovery Act. These programs include a Green Retrofit Program for Multifamily Housing, a Grant for Native American Housing, the Public Housing Fund, Neighborhood Stabilization, and Community Development Grants among many others.
Another program developed by the Obama administration is Making Home Affordable.
President Obama has introduced a comprehensive Financial Stability Plan to address major problems created by the current housing crisis. The goal of these programs is simple — to get our economy back on track. Making Home Affordable is a plan to stabilize the housing market and assist as many as 9 million Americans in reducing their monthly mortgage payments to a level that is affordable.
There are two key components of Making Home Affordable — the Home Affordable Refinance Program which gives up to 5 million homeowners loans owned by Fannie Mae or Freddie Mac the chance to refinance into affordable monthly payments. The second tier of Making Home Affordable is the Home Affordable Modification Program, whichh as committed $75 billion to help keep 4 million Americans in their homes by preventing their foreclosures.
www.MakingHomeAffordable.gov lays out the specifics of these plans, giving homeowners detailed info about these programs along with financial tools and calculators to help homeowners determine if they are eligible for one of these modifications or refinances under the Obama administration’s programs.
This is a no nonsense guide to foreclosure avoidance resources for each of the 50 states.
Simply click on your state on the provided map, or select it from a drop down menu to gain access to government approved foreclosure avoidance counseling.
Put simply, HUD approved housing counseling agencies can give you with the information you need to avoid foreclosure.
If you need help understanding the government’s various foreclosure assitance programs (such as the Making Home Affordable programs) you can use this state by state search tool to find a counseling agency in your area. If you find you are eligible for one of these programs, the HUD counselor will then work with you to compile information to file with your mortgage provider.
Before you give up on your mortgage, or stop making monthly payments figuring it is a lost cause, visit any of the above sites. It is likely that HUD or another government entity can assist you to some degree, at very least getting you in touch with a legit mortgage counselor.