When missed mortgage payments become the new normal

A home is a place meant for comfort, security and peace of mind — these are just a few reasons why a home foreclosure can be so threatening to one’s wellbeing and way of life. Countless Tennesseans face this threat but are unsure of where to turn in such hard times. Depending on the situation, avoiding a foreclosure altogether may be a possibility.

HGTV shares some helpful pointers for those experiencing a dreadful property foreclosure, noting that lenders do not always have to appear as villians. In fact, some lenders are willing to compromise when it comes to finding a solution with missed mortgage payments. Another option HGTV mentions is a deed in lieu, in which a homeowner voluntarily hands the deed back over to the bank. Although some lenders discourage taking this route, it may prove beneficial for some homeowners. Bankruptcy is another option, as HGTV states that it can put a halt to foreclosure altogether. After a homeowner files a bankruptcy petition, debt collectors and lenders must cease their collecting actions under federal law. 

 

Where there is a will, there is often a way, including other possible options to avoid foreclosure. The U.S. Department of Housing and Urban Development lists the following alternatives to foreclosure, most of which the U.S. Treasury Department and HUD oversee:     

  • The Making Home Affordable Program
  • Home Affordable Unemployment Program
  • Mitigation programs offered by the Federal Housing Administration   

The Making Home Affordable Program allows those threatened by foreclosure to lower their monthly mortgage payments. It can also help those who owe more than the worth of the home and homeowners who can no longer afford to pay their mortgages. Another perk to this program is that it aims to better balance America’s housing market. The Home Affordable Unemployment Program and various mitigation programs can also help unemployed homeowners in need of assistance. The are additional foreclosure relief programs provided by the HUD.   

 

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