As terrific as it would be to say that foreclosure no longer happens, doing so would be untrue. Homeowners sometimes still face the threat of losing their homes to their lien holders.

Phoenix, AZ -- (SBWire) -- 03/13/2013 --The Homeowners Preservation Foundation (HPF) is an organization that offers free help to stop foreclosure by way of advice. HPF will answer foreclosure-related questions, enlighten folks about Federal and state mortgage relief plans, and help with working out a feasible budget. A representative from HPF will also get on the phone with lenders and borrowers to facilitate better communication between them. In the unfortunate cases where preventing foreclosure is simply not possible, HPF will help determine if there are graceful methods of leaving the house and getting out of the mortgage.

Lucky for them, Credit-yogi.com has lots of information about financial help to stop foreclosure, and is happy to share it with everyone, including:

- Homeownership Preservation Foundation
- HARP
- HAMP
- HUD Plans

The HPF

HARP Plan

HARP means Home Affordable Refinance Program, and is part of the Obama administration’s Making Home Affordable program. A great form of financial help to stop foreclosure, HARP has specific qualifications that must be adhered to. Here are just a few of them. The mortgage must be guaranteed or owned by Fannie Mae or Freddie Mac. The loan to value (LTV) rate must be more than 80%, and the borrower has to be current on the mortgage and have a strong payment history for the past 12 months.

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HAMP Financial Assistance

The Home Affordable Modification Program, known as HAMP, is the portion of the Making Home Affordable plan that is the most effective help to stop foreclosure. HAMP will modify, or change, a homeowner’s original mortgage so that it becomes more affordable. This can be accomplished by lowering the interest rate on the loan, allowing for a longer repayment period, or by reducing the principal. Through HAMP, a homeowner’s monthly payment can be lowered by almost 40%, so apply at any participating lender.

HUD Programs

The Department of Housing and Urban Development (HUD) offers financial help to stop foreclosure through the Making Home Affordable plan. In addition to HAMP and HARP, there is the Principal Reduction Alternative (PRA), which is designed for those whose homes are worth considerably less than what is owed on them. A person may be eligible if his mortgage is not owned by Freddie Mac or Fannie Mae, the home is his primary residence, and the mortgage payment is more than 31% of his gross monthly income.

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