New Mortgage Debt Help Summary Document

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