Are You Facing Foreclosure? Contact a Bankruptcy Attorney in St. CharlesComments Off on Are You Facing Foreclosure? Contact a Bankruptcy Attorney in St. Charles
When you are behind on your mortgage payments, it may seem that your only option is to foreclose. Fortunately, however, there may be another possibility available to you. To outline all your choices and for guidance in determining what would work best in your situation, move to stop foreclosure with a bankruptcy attorney in St. Charles.
Most programs are administered through HUD and the US Treasury Dept. They include:
- The MHA, or Making Home Affordable Program, allows homeowners to lower their scheduled mortgage payments and get loans at current lower rates.
- You may be able to refinance or otherwise modify your mortgage for lower payments via several different plans (HARP – Home Affordable Refinance Program, PRA – Principal Reduction Alternative, 2MP – Second Lien Modification Program and HAMP – Home Affordable Modification Program). Each has its own requirements for qualification.
- If you owe more than your home is worth, you may qualify for HARP – Home Affordable Refinance Program, FHA2LP – Treasury/FHA Second Lien Program or PRA – Principal Reduction Alternative.
- If you are unemployed, you may be able to utilize the EHLP – Emergency Homeowners’ Loan Program, acquire an FHA Special Forbearance or be eligible for UP – Home Affordable Unemployment Program.
- If you cannot afford your mortgage and are interested in affordable housing, you may look into HAFA – Home Affordable Foreclosure Alternatives or a redemption, where you can reclaim your house during a certain period after it has been sold under foreclosure.
There is a great deal of information available about foreclosure and other choices that may work in your situation. If you wish to try to stop foreclosure with bankruptcy attorney in St. Charles, speak with a professional at Teague & Associates, LLC., by calling or texting (314)899-4499.