Home Foreclosure Prevention Options Explained

Important: The content below is not professional advice, including legal, financial or advice as a foreclosure consultant. Please see what we do here

Options to save your home from foreclosure have dramatically expanded in the past 6 months. In general there are two areas for help. Government based programs and free market foreclosure prevention programs; non-Government based programs.

Which solution may use depends upon who owns your loan. If your loan is owned by a Government institution as listed below you might qualify for unique benefits. If you do not have a Government backed loan, do not meet their financial hardship requirements or perhaps feel their program does not benefit you, you may qualify for a typical foreclosure relief program. You can get a free consultation for non-Government sponsored programs here

Who Owns My Loan?
Determine who your loan is with. Call your lender directly and ask them who the loan is owned by. You can look on your mortgage statements to find the number to call. Your loan should be owned by one of these institutions

Government Foreclosure Relief Programs
Qualify for a Government program through your lender or institution that owns your loan. Depending on which Government institution owns your loan and your financial situation you may be able to use:

• Obama's Home Owners Affordability Plan
• The Hope For Home owners program
• Hope Now Programs

If you qualify for a Government based program, be sure to contact the appropriate professionals such as your accountant or tax professional to ensure their program is to your financial benefit.

If You Do Not Qualify for a Government program.
Only 7-9 Million homeowners will qualify for the Government programs. If you don't qualify then you can still seek out programs offered by public companies, such as foreclosure mitigation companies, or loan modification companies who will work with your lender to save your home. These services offer very similar programs as the Government, they are simply conducted outside of the Government agencies. ALL consultations through iHomesavers.com are free, just as consultations for Government programs are free.

Public Company Options to Save your home

Non-Government programs have been in place for many years and offer legal and proven ways give you the opportunity to avoid foreclosure or modify a loan that contains errors.. Below are a few of the typical solutions.

Foreclosure Options: Special Forbearance.
Your lender may be able to arrange a repayment plan based on your financial situation and may even provide for a temporary reduction or suspension of your payments. You may qualify for this if you have recently experienced a reduction in income or an increase in living expenses. You must furnish information to your lender to show that you would be able to meet the requirements of the new payment plan.

Foreclosure Options: Mortgage Modification.
You may be able to refinance the debt and/or extend the term of your mortgage loan. This may help you catch up by reducing the monthly payments to a more affordable level. You may qualify if you have recovered from a financial problem and can afford the new payment amount. Most lenders can work with home owners even if they have poor credit and have a foreclosure date. Chances to obtain a loan to regain a current status on your mortgage become diminished once you have received a notice of default (NOD). Notice of Default is usually sent after 90 days of the mortgage payment being late.

Foreclosure Options: Forensic Loan Audit
A Forensic Loan Audit is the comprehensive review of all documentation, legal paperwork, transaction data, and other evidence pertaining to a real estate loan that has already been funded in the near, or distant past. A Forensic Loan Audit identifies any illegalities performed by the lender, their broker, or other parties in conjunction with the loan. During the audit process, highly skilled professionals review your loan to ensure that it meets all legal requirements that were in effect at the time the loan was funded.

If a loan was funded unlawfully, the borrower may be entitled to compensation, a refund of all interest paid to date, legal fees, or renegotiation of the terms of the loan.

From 2000-2007, tens of thousands of loans were funded unlawfully. Your loan may be unlawful, and you may be entitled to substantial damages whether or not you're currently in foreclosure. The penalties for failure to comply with the Truth In Lending Act can be substantial.

A creditor who violates the disclosure requirements may be sued for twice the amount of the total finance charge on the loan. In the case of a home mortgage, this can be a very significant amount, amounting in to the scores of thousands of dollars. Costs and attorneys fees may also be awarded to the consumer.

Foreclosure Options: Partial Claim.
Your lender may be able to work with you to obtain a one-time payment from the FHA-Insurance fund to bring your mortgage current. You may qualify if:

1. your loan is at least 4 months delinquent but no more than 12 months delinquent;
2. you are able to begin making full mortgage payments.

1. the loan is at least 2 months delinquent;
2. you are able to sell your house within 3 to 5 months; and
3. a new appraisal (that your lender will obtain) shows that the value of your home meets HUD program guidelines

1. you are in default and don't qualify for any of the other options;
2. your attempts at selling the house before foreclosure were unsuccessful; and
3. you don't have another FHA mortgage in default.

Special Government Programs for Seniors

The Home Equity Conversion Mortgage (HECM) is a widely accepted and used reverse mortgage product by seniors. Available since 1989, HECMs are insured by the federal government through the Federal Housing Administration (FHA), a part of the U.S. Department of Housing and Urban Development (HUD).

The amount of available proceeds you can qualify for under the HECM program depends on your age, appraised home value, and current interest rates. The older you are, and the more valuable your home is (and the less you owe on your home), the more funds you qualify for.

These types of loans can be used to provide income to seniors, help stave off a foreclosure, or simply provide a means for seniors to use the equity in their homes.

If you do not qualify for a Government based homeowners program and you want to understand what other options are available to you we offer free consultations. Just provide the details on your situation below and a home foreclosure prevention expert will contact you and answer all your questions.

	Please provide the details of your situation so a foreclosure expert can quickly review your case and provide you with realistic options to save your home.
	First name:  Last name:  Address:  City:  State:  Select state Alabama Alaska Arizona Arkansas California Colorado Connecticut D.C. Delaware Florida Georgia Hawaii Idaho Illinois Indiana Iowa Kansas Kentucky Louisiana Maine Maryland Massachusetts Michigan Minnesota Mississippi Missouri Montana Nebraska Nevada New Hampshire New Jersey New Mexico New York North Carolina North Dakota Ohio Oklahoma Oregon Pennsylvania Rhode Island South Carolina South Dakota Tennessee Texas Utah Vermont Virginia Washington West Virginia Wisconsin Wyoming Zip:  email :   Home phone:  - - Work phone:  - - Contact me at:  Select time Now Primary Phone Now Alt Phone Alt Phone PM Alt Phone AM Primary Phone PM Primary Phone AM  Title Holder is 62 or older? Yes No Your Expenses and Income About your home and mortgage Are you employed?:  Yes No Your mortgage company: Bankruptcy in last 3 years? Yes No How late is your mortgage:  Please select Not late yet 1 month 2 months 3 months 4 months 5 months 6 months 7 months 8 months 9+ months If so, what chapter? No Bankruptcy Chapter 7 Chapter 11 Chapter 13 Have you received a Notice of Default? Yes No Monthly income: Do you have a foreclosure sale date? MM/DD/YYYY Monthly Mortgage Payment:  Loan Type:  Please Select Conventional FHA Loan VA Loan Other Total Credit Card Debt: Please select None $3,501-$4,000 $4,001-$4,500 $4,501-$5,000 $5,001-$6,000 $6001- $7,000 $7,001-$8,000 $8,001-$9,000 $9,001-$10,000 $10,001-$12,500 $12,501-$15,000 $15,001-$17,500 $17,501-$20,000 $20,001-$22,500 $22,501-$25,000 $25,001-$27,500 $27,501-$30,000 $30,001-$32,500 $32,501-$35,000 $35,001-$37,500 $37,501-$40,000 $40,001-$42,500 $42,501-$45,000 $45,001-$47,500 $47,501-$50,000 $50,001-$52,500 $52,501-$55,000 $55,001-$57,500 $57,501-$60,000 $60,001-$62,500 $62,501-$65,000 $65,001-$67,500 $67,501-$70,000 $70,001-$72,500 $72,501-$75,000 $75,001-$77,500 $77,501-$80,000 $80,001-$82,500 $82,501-$85,000 $85,001-$87,500 $87,501-$90,000 $90,001-$92,500 $92,501-$95,000 $95,001-$97,500 $97,501 -$100k $100k - $150k $151k - $200k Over $200,000 Home Type:  Please Select Single Family Multi-Family Condominium Town Home Mobile Home Manufactured Home Total monthly 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$850,000-$874,999 $875,000-$899,999 $900,000-$924,999 $925,000-$949,999 $950,000-$974,999 $975,000-$999,999 Over 1,000,000     Mortgage Balance: Please select None $10,000-$12,499 $12,500-$14,999 $15,000-$17,499 $17,500-$19,999 $20,000-$22,499 $22,500-$24,999 $25,000-$27,499 $27,500-$29,999 $30,000-$32,499 $32,500-$34,999 $35,000-$37,499 $37,500-$39,999 $40,000-$42,499 $42,500-$44,999 $45,000-$47,499 $47,500-$49,999 $50,000-$52,499 $52,500-$54,999 $55,000-$57,499 $57,500-$59,999 $60,000-$62,499 $62,500-$64,999 $65,000-$67,499 $67,500-$69,999 $70,000-$72,499 $72,500-$74,999 $75,000-$77,499 $77,500-$79,999 $80,000-$82,499 $82,500-$84,999 $85,000-$87,499 $87,500-$89,999 $90,000-$92,499 $92,500-$94,999 $95,000-$97,499 $97,500-$99,999 $100,000-$102,499 $102,500-$104,999 $105,000-$107,499 $107,500-$109,999 $110,000-$112,499 $112,500-$114,999 $115,000-$117,499 $117,500-$119,999 $120,000-$122,499 $122,500-$124,999 $125,000-$127,499 $127,500-$129,999 $130,000-$132,499 $132,500-$134,999 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