If you’re afraid that you may lose your home in a foreclosure there still may be some help available. Many states are trying different techniques to help homeowners who are in distress. Check with your state to see what sort of remedies they are offering and if you qualify for some assistance.
As many as 20 states are now launching formal foreclosure intervention or prevention initiatives. If you don’t happen to live in one of these states, there are other ways your local government can help, look for refinancing alternatives or rescue programs if you were preyed upon by an unscrupulous lender or realtor. Even if the assistance is as simple as a free hotline, the advice you get may be what saves your home.
In addition to helping those who are currently, or in the near future, facing foreclosure state governments are getting stronger and tougher with lenders and realtors in an effort to keep this situation from ever happening again. Hopefully, such pie in the sky loans will be illegal in the future and unsuspecting people seeking the American dream won’t be suckered in, only to lose everything when the market bottoms out.
If you’re in a financial crisis and worried about losing your home, contact your home loan company and your bank to see if they know of any state implemented programs which can help. Or do your own research and seek the help you need to protect your assets.