Foreclosure stopping must begin immediately by in response to your difficulty in
meeting your mortgage payments A financial crisis is never resolved by ignoring the problem and the fact is, there are many options available to you. Talk to your lender to discuss why you havent made a payment and let them know how you hope to resolve your situation.
Foreclosure laws vary from state to state but generally most lenders begin the process by advising you, after youve missed three mortgage payments, that you have 30 days to return your mortgage to a current state. So taking foreclosure stopping action as soon as you miss the first payment is recommended, if at all possible. Consider contacting the one US Department of Housing and Urban Developments approved counseling agencies in your area. HUD runs programs that are specifically set up to help people who cannot afford their mortgage payments via their Federal Housing Administration by allowing them to refinance into more affordable FHA-insured mortgages.
Also, HUD counselors can advise you about other programs that you may be eligible for such as their Hope for Homeowners Program, or the Obama Administrations Making Home Affordable Program, all of which include foreclosure stopping steps that you can take.
All of HUDs counseling is free and your lender will not charge you for providing it either because the Federal Government provide lenders, investors and loan servicers incentives to participate in these programs. Homeowners whose mortgages are currently up to date may have the opportunity to apply for a Home Affordable Refinance plan that will immediately reduce their payments.