Foreclosure Help From Mortgage Lenders and the Federal Government

Mortgage help is something many homeowners are in need of. Thousands of people have taken out mortgages to buy houses, and with the economy the way it is, foreclosures and job losses are on the rise. When people lose their jobs or a company goes under, losing your home can be one of the most devastating things a person can experience. The question is, how do you find mortgage help?

To get the mortgage help you need, you will have to first contact your bank. Here’s an alphabetical listing of different mortgage lenders and brokers, how to get in touch with them and what they are offering. Most banks are having plenty of mortgage assistance available, however there may qualify for some of this assistance. There are a few things that your bank can do to help you make sure you get the assistance you need. If you qualify, they may even be able to put you in a priority list for loan assistance so you’re more likely to get the assistance you need.

Freddie Mac has started giving out mortgage help for first time home buyers as an incentive for getting into a program that helps to save homes. Qualifying for a Freddie Mac mortgage-help program isn’t easy, but qualifying for this help might make it much easier for you to get your first home of the future. The qualification requirements are very strict, so if you think you may qualify, you better get in touch with your Freddie Mac mortgage broker today. They will be able to give you the best advice on how to qualify and what you can expect once you are placed into this important program.

Fannie Mae is another great mortgage help option for homeowners. If you’re a homeowner with a Fannie Mae loan, you need to go online to qualify for a free appraisal. A lot of borrowers go through this process without even knowing if they will qualify because they assume that all borrowers with a Fannie Mae loan are approved. In most cases, borrowers who have Fannie Mae mortgages are given priority status when it comes to getting approved for a mortgage loan. If your mortgage lender allows borrowers with Fannie Mae loans to have priority status over other borrowers, it means that you could have a larger chunk of the money you need for your down payment. If you want to see just how great your mortgage help from Fannie Mae is for first time homeowners, you need to visit their website.

One last option for mortgage help comes from the federal government. The United States Department of Housing and Urban Development or HUD offers many mortgage help programs that are specifically designed to helping homeowners who are having trouble paying their mortgages. Some of these mortgage help programs offer principal reductions to first time home buyers, helping them to get into a home that they can afford and will stay in for the long term. Another option for mortgage help comes in the form of a principal reduction for owners of multifamily properties. This type of assistance is available to owners of multi-family dwellings and mobile homes.

Regardless, of which type of mortgage help you need from the federal government or your mortgage lender, there are ways for you to get the foreclosure help you need. Many homeowners simply don’t know how to negotiate with their lenders or they aren’t aware of any programs that might be available to them. If you know what your rights are as a homeowner and what your lender is required to do in order to keep you in your home, you will be much more likely to get the foreclosure help you need. Talk to an experienced foreclosure attorney today to find out more about your rights and what your options are.

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