Despite the fact that foreclosures are reportedly down from this time last year, recent information has stated that foreclosure filings increased in August of 2011, which was an increase from July as well, pointing to the fact that homeowners are still in need of foreclosure prevention assistance through lower home loan payment plans that may be available from certain federal and state programs. This priority for homeowners is obviously ongoing simply because there are numerous homes that are set to be foreclosed upon, while others may be in a period of delinquency that could also lead to the loss of a homeowner’s property if some form of assistance is not offered.
While it’s no surprise that foreclosures are continuing to be seen, homeowners are looking to federal programs, state initiatives, and even private home loan modification plans to help as servicers are seeing numerous homes sitting empty on the market that are not going to be filled anytime soon. This has created a situation where some banks are looking for ways to keep homeowners in their home or work with these individuals to complete a short sale so that the property is not simply sitting empty and may potentially be on the books of one of these servicers for quite some time.
Yet, there are some officials who feel that this increase in foreclosure processes could be the result of foreclosures that have been delayed as a result of scandals that were seen earlier this year, but the present danger that many homeowners face of foreclosure is still one that has prompted many financial advisers to urge homeowners to seek out available resources and assistance plans that are currently in place from federal programs, banks, and even state housing agencies.
Homeowners may be able to talk over options with representatives from their mortgage servicer or contact housing counseling agencies that are made available through resources like the HOPE Hotline, as homeowners in certain states may not only have programs available from popular initiatives like the Making Home Affordable plan but also the Hardest Hit Fund as well. Also, we saw a recent option made available from the Emergency Homeowners’ Loan Program to address the needs of unemployed homeowners, but the reason behind foreclosure will often differ from one individual case to another.
No matter what problems a homeowner has that may be resulting in the potential loss of their home, officials still want homeowners to be aware payment plans that may lower a homeowner’s mortgage payment or overall mortgage debt, since there are some initiatives in certain states that are going unused by homeowners. Anything from a payment forbearance, term extension, to dischargeable loan programs are currently available to homeowners in various states, but until homeowners who are suffering from financial struggles take the initiative to explore these plans, there is likely to still be foreclosures that may be at levels which could be preventable if these payment assistance programs were accessed by more men and women having trouble paying their mortgage.