Foreclosure Assistance for Both Homeowners and Buyers

As foreclosures increase in occurrence, there are many individuals, including both homeowners and homebuyers, who are looking for assistance.  No matter what side of the fence you find yourself on, there is foreclosure assistance out there.  Not only is professional assistance available for both homeowners and homebuyers, but seeking it is encouraged. 

As for homeowners facing foreclosure, one of the biggest questions asked is what can be done.  If you are currently a homeowner who is at risk for losing your home to foreclosure there are a number of steps that you can take on your own, such as getting a second job or speaking with your mortgage holder.  With that said, you may be unable to get a second job or you may be nervous about letting your mortgage holder know that you are having problems.  If that is the case, you will want to turn to an individual who is commonly referred to as a housing counselor.

When it comes to housing counselors, you will find that they come in a number of different formats.  For example, there are those who specialize solely in helping homeowners avoid foreclosure, there are those who specialize in assisting tenants deal with foreclosures or other problems associated with their landlords.  One of the best approaches that you can take to find these professionals is by contacting the Department of Housing and Urban Development (HUD) or you can use your local phone book. 

As for what assistance you will receive, as a homeowner who is at risk of losing your home, you will find that it varies.  With that said, most housing counselors, especially those who specialize in foreclosures, will likely outline all of your options for you.  In addition to highlighting all of your options, they may also help you prioritize those options, based on success and your ability.  A housing counselor that specializes in foreclosures may also contact your mortgage holder on your behalf, looking for alternative options, which may include a temporary payment plan with stricter rules once you get back on your feet financially.

As previously stated, there is foreclosure assistance out there for homebuyers as well.  If you are interested in buying a foreclosed home or another piece of property, but if this is your first time doing so, you may have some questions.  If that is the case, you may be interested in seeking professional advice.  For example, you may be wondering if buying a foreclosed property is truly in your best interest.  When trying to determine so, you have a number of options.  You can speak to a financial lender, such as an individual at your bank, especially if you will be seeking financing to make your purchase.  Also, contact a local real estate agent to help compare foreclosure properties with “traditional,” properties listed on the real estate market.

As highlighted above, homeowners facing foreclosure can benefit the most from seeking foreclosure assistance from a housing counselor.  With most providing free or discounted assistance, you have nothing to lose by having your options highlighted by a professional expert.