Federal Government Foreclosure Help and Assistance Programs

There are number of federal programs that provide incentives to refinance or modify mortgages. This includes  high interest mortgages, as well as those in default . A common misconception is that these programs are some kind of “magic pill” that will help consumers avoid foreclosure, or obtain a lower mortgage payment. The fact is, all of these help programs are nothing more than incentives. They give your lender or servicer the ability to make modifications.  When the government is involved, you can expect miles of red tape.

However, I still believe these programs to be an extremely powerful tool in lowering interest rates, and avoiding foreclosure. Program requirements can vary, and depend on things such as, equity, payment history, and credit counseling. These are some of the possible  guidelines  used to determine eligibility. Below is a no fuss, plain English review of the Government backed foreclosure help and refinance programs.

Please keep in mind that I’m not a credit counselor, mortgage broker or an attorney.  Consult your attorney, counselor or  mortgage broker for advice on your specific situation.

Federal Government Foreclosure Help and Assistance Programs:
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