Finding mortgage foreclosure help is a very important process that requires communication on the part of the individual who is in need. There is free foreclosure help that is available, and the best source is through working with the mortgage company, because they usually want to work out the problems without reaching the point of foreclosure as well, since they will lose money in the deal in a bigger way through foreclosure in most cases than working out a deal with the individual in need. Individuals do need to be careful of companies that tout free foreclosure help because there are some who offer initial services for free but then charge hidden fees throughout the process or try and buy the home at too low of a price, costing the individual thousands of dollars and heartache.
Talk, Talk, Talk
The best way to get free foreclosure help is to talk to the mortgage company as soon as the individual is aware that there may be a problem in paying the mortgage. Again, mortgage companies are usually very willing to work with individuals who are showing due diligence in communicating with them what the problem is and what they are actively doing to help to solve it. Many times the mortgage companies will give individuals a special forbearance so that they have a couple of months where they do not have to pay the mortgage in order to get another job or whatever it takes to begin to pay again.
Another way to get free foreclosure help is to talk to an agency that is approved by HUD. There are usually non-profit agencies in every town that are approved by HUD to give counseling and other services to individuals who are in danger of foreclosure. Most of the time these agencies services are free foreclosure help, although there are times that a small fee will be required. Usually the fee is based on the income of the individual, which is often waived since they are there because of financial trouble. These free foreclosure help agencies will usually sit down with the individual to talk through all of their current income and expenses to try and figure out where any cut backs can be made so that they can begin to pay their mortgage again. They will also look at the interest rate of the mortgage and at whether it is an ARM or not and advise the individual if they should try to refinance the loan to help them out.