Mortgage Debt Woes

: Chris Lee Law Firm

  Filed under: Mortgage

Mortgage DebtThe American Dream of owning a home has turned into a nightmare for many people in recent years. The economy and lending industry have both suffered terribly and many people have been left facing foreclosure. Luckily, there are some ways that can help fight off mortgage debt and stop an impending foreclosure.

The Old and The New

In the past, homeowners have had the option of resolving mortgage debts by refinancing their home, obtaining a loan modification or filing for bankruptcy. However, many learned the hard way that lenders are not always willing to approve a refinancing or loan modification offer and deny the homeowner the help they desperately need. Afraid to file for bankruptcy, many people have unnecessarily succumbed to foreclosure in recent years.

These days, the government has been working to help homeowners obtain a solution before their home ends up in foreclosure. The Home Affordable Refinance Program (HARP) and Home Affordable Modification Program (HAMP) are two programs that were designed to expand qualification standards in efforts to reach more homeowners in need. Although these programs are still available to help homeowners, some may find that bankruptcy is the better option if their home is already undergoing the foreclosure process. While consumers have more options for resolving mortgage debts today, consulting with a professional or bankruptcy attorney is still the best way to find the solution that is best for their situation.

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