If a family or individual is in jeopardy of going into foreclosure on their home, it is important to know that there are a number of resources available to the individual to help avert this serious outcome. Some of those resources include working with the mortgage company that owns the lien on the home, private consumer groups and the government.
Specifically, when looking for government help to avoid foreclosures, it is important to know what resources the government may offer. Some of those resources include informational strategies that may help an individual avoid foreclosure. In addition, some options of government help to avoid foreclosure may be practical in nature.
Information Provided By The Government To Help Avoid Foreclosure
One of the most powerful tools that the government provides to help avoid foreclosure is information. That is because information is not only power but also gives the individual facing foreclosure a number of options that they may avail themselves off.
For example, this information provided by the government to help avoid foreclosure is practical and sound advice. Some of that advice includes being in discussions with the mortgage company that holds the lien on the home. In addition, the practical written pamphlets offered by the government include advice on budgeting to help meet the mortgage payments, delineating the rights that the mortgage owner has and utilizing other assets that might help to bridge the gap in one s budget.
Also, the government offers tips on their website that expose certain practices of predators who take advantage of a homeowner s predicament. Specifically, through government brochures and websites, the government exposes certain scams in which these individuals prey on homeowners who are in arrears with their mortgage. This information helps the homeowner in a mortgage crisis to avoid foreclosure scams.
Often, these foreclosure scams promise the homeowner to intercede on their behalf. They say that this is accomplished by having the homeowner sign over the title to their property. Also, the scam calls for the homeowner to then rent their own home from the scammers.
Practical Help From The Government
Additionally, one very practical measure of government help to avoid foreclosure is to provide the service of working with a HUD counselor. HUD is the acronym for Housing and Urban Development.
In particular, this counselor provides, at no cost or at a minimal fee, a variety of benefits. Some of those benefits include counsel to help the individual understand the law and the options available. In addition, these counselors will help with budget issues as well as mediating between the mortgage company and the home owner.