Helping people in Texas and nationally avoid foreclosure when doing so seems a viable possibility promotes the interests of far more than those immediate homeowners alone.
In fact, foreclosure avoidance is broadly beneficial to myriad groups of people and special interests across the country, a fact that is distinctly recognized by the United States Department of Housing and Urban Development (commonly known as HUD). That agency addresses the foreclosure crisis and national need to provide remedies to effectively combat it in a HUD “Avoiding Foreclosure” page on its website.
That page makes a prominent reference to the Obama administration’s “broad strategy to help homeowners avoid foreclosure, stabilize the country’s housing market, and improve the nation’s economy.”
Those are of course salutary aims, and HUD believes they can be promoted through various programs that provide beleaguered homeowners help with troublesome mortgage payments. A number of programs are discussed on HUD’s website, and we mention a few of the more prominent ones here. They are all subsumed within the government’s overriding Making Home Affordable Program.
The Home Affordable Modification Program is one initiative. Under HAMP, mortgage payment reduction is emphasized, with payments topping out at 31 percent of a borrower’s monthly pre-tax income.
The Principal Reduction Alternative (PRA) program specifically addresses so-called underwater homes (residences that are now worth less than what is owed on them), with government regulators working with lenders to reduce loan obligations to the extent that homeowners can remain in their residences rather than lose them through the foreclosure process.
Readers can also gain information regarding additional programs that are discussed on the HUD website page.
Notwithstanding the nation’s persistent climb out of a lengthy recession, millions of homeowners continue to struggle with payments and worry about their ability to remain in their homes. Homeowners with questions or concerns regarding foreclosure can obtain answers and proven legal guidance from an experienced debt relief attorney.