Tips on Avoiding Foreclosure
6 Tips on Avoiding ForeclosureAs a result of the sub-prime mortgage crisis, millions of homeowners have had to foreclose on their homes. With the current global economic crisis, nothing can be worse than not being able to pay one's mortgage. If you are having trouble paying your mortgage, here are some suggestions that may help you in preventing foreclosure.
- The Federal Housing Administration implemented the “Hope for Homeowners Program," which will continue through September 30, 2011. This program offers hope to the millions of homeowners who currently are at risk of losing their homes.
- The Federal Housing Administration also has a program called FHA Secure. In order to participate in this program, you must meet the following criteria:
- All past mortgage payments should have been paid by the due date.
- There must be at least 3% equity in your home.
- You must be employed for a specific period of time.
- All mortgage payments must be paid on time.