Homeowners in crisis may soon receive some much-needed relief and prevent their properties from ending up on foreclosure listings. Recently a multi-state settlement was reached between the Justice Department, HUD, the top 5 mortgage lenders and 49 State Attorney Generals. In a landmark decision, $25 billion dollars in relief was approved by Federal District Court.
Whether you are purchasing HUD homes or have more traditional financing you could be facing foreclosure and it is hoped that this settlement will make more assistance programs available. HUD.org is rolling out the public service announcements as we speak, instructing distressed homeowners on where they can go for help.
There are several programs being made available including refinancing options, principle relief and sale options for those who do not qualify for assistance but prefer to avoid foreclosure. Each program is targeted to provide relief for specific situations up to and including homeowners with second or home equity loans. The hope is that more people will manage to save their homes!
Are you one-step away from finding your property on local foreclosure listings? It is possible that there is a program available to get you right side up again. Traditional loans, HUD homes, second loans and even previously modified loans may be eligible for assistance. If you still have, questions go to HUD.gov and search under Homeowner Help for more information.