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Friday 18th of August 2017

Obama Mortgage Assistance: Get Mortgage Assistance From the Housing Finance Agency PDF Print Email
Finance - Mortgage
Written by: John Roney   
Wednesday, 27 July 2011 13:08
There are millions of homeowners facing the possibility of foreclosure. Some meet the numerous requirements to qualify for assistance under the OObama mortgage assistance. But many others are forced to go through the foreclosure process. Homeowners have several strategies for avoiding foreclosure at their disposal. But it is essential that they first understand the foreclosure process and the laws governing it. Foreclosure laws vary from state to state.


There are millions of homeowners facing the possibility of foreclosure. Some meet the numerous requirements to qualify for assistance under the OObama mortgage assistance. But many others are forced to go through the foreclosure process. Homeowners have several strategies for avoiding foreclosure at their disposal. But it is essential that they first understand the foreclosure process and the laws governing it. Foreclosure laws vary from state to state.

The process is different for each homeowner, based on factors like state of residence, lender, and mortgage type, among others. Although these different factors can help a homeowner extend the foreclosure deadline by varying degrees, the basic steps apply to everyone. To help you better understand how the foreclosure process works, I have listed the following basic steps:

If you need someone to answer your foreclosure questions, you may go directly to their office and ask for the help of an HUD-certified housing counselor. That way, you do not have to spend your remaining cash on legal counseling to some private lawyer or loan modification expert. A state counselor is being paid by the government in order to answer every homeowner's question and provide sound advice to those borrowers currently in default.

While the Obama administration has acknowledged the slumping credit score issue, at the end of the day, this is but one problem, of many, facing the year old, Making Home Affordable program. Roughly 170,000 homeowners have completed the program's process as of February '10-a rather small number when you consider how many homeowners out there require a loan modification. Meanwhile, according to the program's stats, hundreds of thousands more are still waiting to complete the process.

When everything is said and done, the best any government assisted homeowner can do is make their scheduled payments on time, avoid falling behind and eventually, their credit score will increase. It certainly doesn't help when applying for assistance to see your credit score drop, however, just know as long as payments are being made, any slumping credit can easily be revitalized.

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