In an effort to better educate consumers about the options available to help prevent foreclosure and resolve mortgage debt, the U.S. Department of Housing and Urban Development has launched a new campaign. The National Mortgage Settlement outreach project is designed to be a one-stop shop for anyone suffering with mortgage debt and offers a brochure summarizing the programs available to help.
In A Nutshell
The ”Mortgage Assistance Guide” is the core of HUD’s new campaign. It sums up every program available by the government, as well as lender-based options the homeowner can pursue for help. Some of the options covered are:
- Government-based programs like Home Affordable Modification Program (HAMP) and Home Affordable Refinance Program (HARP), which offer foreclosure alternatives through loan modifications or refinancing.
- State programs such as the “Hardest Hit Fund”, which offers mortgage payment assistance for unemployed or the underemployed in certain areas.
- Lender-based options such as loan modifications, refinancing, short sales or deed in lieu.
Making such an important decision is better served with help from a professional that the brochure also provides a decision tree to help homeowner evaluate their next step. The brochure also encourages homeowners to seek mortgage debt counseling or help from a foreclosure attorney to review their case.
For more information visit: http://portal.hud.gov/hudportal/HUD?src=/homeownerhelp