Ways To Avoiding Foreclosure And Save Your Home

Considering the federal government sponsored Making Home Affordable Program’s inefficiency in helping struggling American home owners in preventing foreclosures and saving their homes, the Obama Administration has decided to provide additional support by making delinquent mortgage debtors avail affordable and favorable mortgage repayment options through two new foreclosure prevention programs. The Housing Finance Agency is to aid some of the seriously affected states with the “Hardest Hit Fund” which is designed to allocate $2 billion to the states that have been experiencing high unemployment levels for some time, and also increasing numbers of foreclosures. Moreover, the Department of Housing and Urban Development (HUD) is going to provide an additional $1 billion in the form of “Emergency Homeowner Loan Program” to help homeowners experiencing a significant reduction in their incomes due to reasons such as underemployment, unemployment, medical conditions etc for a maximum duration of 24 months. The primary objective of the proposed plans is to provide stability to the already weak housing market by making it possible for responsible homeowners reduce their monthly mortgage payments, and make their home loans more affordable to redeem.

Save Your Home with Loan Modification

The programs are specially designed to help the federal government’s Making Home Affordable Program in achieving the projected results of aiding Americans in preventing foreclosures and saving their homes, since it failed to do this in the expected manner in the past. The $3 billion funding is expected to improve the housing market conditions by helping delinquent and regular borrowers in making their home loans more affordable, and easier to repay. To know more about the federal programs, it’s recommended you get the free non-binding consultations provided by Usloanz’s lawyers who specialize in preventing foreclosures.

Hardest Hit Fund

The Hardest Hit Fund (HHF) presented by U.S. President Barak Obama has the primary objective of providing emergency financial relief to homeowners in states which have been affected the most by foreclosures and bankruptcies. It was required to deal with foreclosures and delinquencies related issues at a local level, and alter the home modification as well as refinance programs according to the problems and conditions experienced by borrowers at community levels in specific geographical areas. The HHF will directly fund the worst affected states, and help them use the money in supporting the Making Home Affordable Program, and in designing as well as implementing tailor made and targeted unemployment programs to decrease the delinquency levels and in promoting easier mortgage loan redemption.

The HHF is to be made available to states which are experiencing high unemployment rates that are equal to, or above the national average in the past 12 months. States benefited by other federal debt relief programs in the past are supposed to use the funds to improve the unemployment levels by implementing the specially designed treasury approved employment generation plans as per the local community conditions. The aim is to provide temporary financial help to eligible homeowners in redeeming their home loans, and helping them to find employment, or undertake new job training.

Contact An Attorney

Talk to a Loan Modification lawyer near to your city

Please provide us your contact details by filling up our online application form to find out if you qualify for the HHF program. Our federal program attorney can call you and study your mortgage status so you can qualify for the program. The services are totally free and non-binding.

States currently not having any HHF unemployment programs have to submit their proposals by September 1, 2010 in accordance to the established guidelines, and explain in details the exact financial needs for their particular state. The funding proposed for the states eligible for HHF as per their population are:

HUD Emergency Homeowners Loan Program

This program is structured to support home owners in the states and areas which are not covered by the HFF, and so the program compliments the HHF plan by creating opportunities and financial relief through a “bridge loan”. A bridge loan is basically a specialized loan having zero percent interest, in addition to being a non-recourse type of subordinate loan. According to this program, the states and non-profit based institutions will have to offer:

Declining balance facilities
A deferred payment loan (Bridge loan)
up to a maximum amount of $50,000, and help eligible applicants with:
Making timely payments on their net mortgage (mortgage principal amount)
Availing reduced interest rates
Getting an affordable mortgage insurance
Redemption of taxes
Availing a hazard insurance
for a maximum duration of 24 months.

To qualify for the EHLP program, the applicant should:

Be delinquent for at least 3 months on his or her monthly payments, able to afford household expenses, and be able to make timely mortgage payments in two years time
Own a single home, which should be the applicant’s main residence
Show a good payment history prior to the decrease in the monthly income

Usloanz’s HHF and EHLP services

Usloanz offers special services to borrowers facing problems with their home loans. The services consist of:

Identifying and analyzing the mortgagor’s specific debt conditions, and the main causes resulting into the debt
Planning out an effective mortgage repayment plan that suits your specific needs, based upon your monthly income
Arbitrate with your loan provider and make your home mortgage affordable
Help you become eligible for the program which benefits you the most

Please fill up our online application form and provide us your contact details so our mortgage attorney can help you become eligible for the program. The services offered by Usloanz are totally free and non-binding.