Despite a decrease in foreclosure statistics over the past couple of years, many families are still living under threat of losing their home to this process, and they don’t know how to stop mortgage foreclosure.

Pittsfield, MA -- (SBWire) -- 07/23/2013 --Real-estate-yogi.com is here for these folks, offering insight into what may seem to be a difficult situation, such as:

- Original Lender
- HAMP
- HUD/FHA Aid
- DIY Foreclosure Halting Process

Meet with the Original Financer

The best way to stop mortgage foreclosure is to speak with the lender to see if there’s an in-house program that can help a person out. Most banks do have loan modification programs or different refinancing options that can help. A modification of a mortgage loan means that changes are made to it that will reduce the monthly payment. A refinance loan pays off the first mortgage loan and has better terms than the original did. Check with one’s current lender to see if he can help.

Stop Mortgage Foreclosure In USA, Get Started With Stop Foreclosure Program Now!

Home Affordable Modification Program (HAMP)

One government offering is HAMP, which was designed for homeowners who are struggling with their mortgage payments. If one qualifies for the program, it is an excellent method to stop a foreclosure. Some of the qualifications for the program are having a provable financial hardship, having obtained the mortgage on or prior to January 31, 2009, and showing proof of income by producing at least 2 weeks’ worth of pay stubs.

FHA/HUD Help

The Federal Housing Administration (FHA), working through HUD, offers the Making Home Affordable (MHA) program to troubled homeowners. This program has subdivisions that can help stop foreclosures. For example, the Principal Reduction Alternative (PRA) is available to those whose homes are currently worth less than they owe on them. MHA offers incentives to lenders to lower the amount of principal a homeowner owes, making the overall payment lower. Go to HUD’s website for more information.

DIY Foreclosure Halting

When a lender files for foreclosure, he must go through a process. First, he must send out a foreclosure complaint. To stop mortgage foreclosure, one must respond, in writing to the foreclosure complaint. He must then check out his options to halt the foreclosure, such as trying to reinstate his mortgage by talking with his lender. He can also contact his municipality to discuss options from their point of view. As a last resort, he can file for personal bankruptcy, which enforces an immediate automatic stay, preventing creditors from trying to collect what is owed them. Consider these choices carefully and then make a decision.

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