Phoenix, AZ -- (SBWire) -- 03/10/2014 --“What do consumers experience during foreclosure in Texas?” is a good question with a simple answer: The same basic process people throughout the country do: Calls and letters regarding past due payments, Notice of Foreclosure, and court. While this action can put a family under great stress, there are ways to prevent it. People in this predicament often don’t realize that, so they end up moving out of their home and letting the lender have it. Do not despair if this is the situation one’s family is facing. Credit-yogi.com is here to help by pointing our several options to halt a foreclosure, such as:

- Area Banks and Credit Unions
- HAMP & HARP
- HUD
- Bankruptcy

Nearby Lenders

The first action to take to stop a foreclosure action is to visit community lenders. Many credit unions have recently joined the foreclosure prevention family and are noted for having low interest rates. They can be very helpful when one is dealing with mortgage foreclosure, and they frequently have their own loan modification or refinancing programs. Neighborhood banks offer the same options; however their interest rates may be higher than their competition’s.

HARP & HAMP Programs

There is government help to stop foreclosure in Texas, Nevada, Maryland… All over the U.S.. There’s the HAMP program, which modifies, or makes changes to, one’s mortgage to make it more affordable. HARP provides mortgage refinancing, which involves paying the original loan off, then drawing up a new one with better terms. Both programs have eligibility requirements, some of which are having a provable financial hardship, being able to show pay stubs for the past month, and having gotten the mortgage before Jan. 1, 2009.Credit-yogi.com suggests going to the government’s Making Home Affordable website for more details.

Department of Housing and Urban Development (HUD)

Another branch of the government, HUD, also offers ways to prevent a foreclosure. A homeowner can utilize the Making Home Affordable option of the Principal Reduction Alternative, which encourages lenders to lower a mortgage’s base amount so the payment is more manageable. HUD may also recommend foreclosure defense attorneys that do not charge until your problem is resolved. This organization also has several programs that may help, so go to the HUD website for more information.

The “B” Word – Bankruptcy

Bankruptcy to prevent foreclosure programs can really work. Immediately after filing for Chapter 7 or Chapter 13 bankruptcy, an automatic stay goes into effect. This prevents creditors from making attempts to collect money from a person. If one files Chapter 13, his 2nd and 3rd mortgages can be added to his repayment plan, perhaps enabling him to keep the attendant properties. To learn more about these programs, check out the Internet.

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