More and more homeowners are slipping into the foreclosure whirlpool and spiraling downward toward losing their home. What should you do if this sounds like your situation?
Don’t assume it’s too late to act. As long as you are residing in the home, you may have an opportunity to keep it. Visit the Department of Housing and Urban Development’s website. Along with local links, you’ll find valuable information regarding foreclosure. The HOPE for Homeowners program will refinance mortgages for borrowers who are having difficulty making their payments but can afford a new loan insured by HUD’s Federal Housing Administration (FHA). Call 800-225-5342 for more information.
Unfortunately, banks are moving very slowly as the foreclosure problem continues to overwhelm the nation. My hope is that we will soon see a shift in resources to provide more help to struggling homeowners. This is the only way to stabilize real estate values and stop the foreclosure cycle.