Facing Home Foreclosure Due to Extenuating Circumstances?

With so many people facing foreclosure these days, people in special circumstances are being lost in the shuffle. If you are facing a foreclosure for reasons through which you have absolutely no control, there is help designed specifically for you.

Disaster Area Victims Facing Home Foreclosure: Every year, floods, hurricanes, tornados, and other disasters destroy entire cities, and other localities. In most of these cases, the President of the United States declares these areas disaster zones. This is done to grant relief to the people who live or work there. If the area where you work or live is declared a disaster area because of a natural disaster or manmade event, your lender must provide disaster relief for 90 days is you have a FHA insured loan. Find out more at https://disasterhelp.gov/.

Military Personnel and Spouses Facing Home Foreclosure: Active duty can do more than to separate a family and put family members in harms way in defense of the country. It can also destroy the family financially. One might think that military personnel are well compensated for their efforts; the truth is that many soldiers are in the reserves meaning they had regular, and often high paying jobs. While they cannot be fired for being on active duty, they will not be paid their normal salary during this time. If you are a family with a person in active duty, you may qualify to have your interest rate reduced which will lower your mortgage payments Through the Service members Civil Relief Act of 2003.

Money Problems Related to Major Life Changes and Facing Home Foreclosure: If you have a job loss, reduction in work hours, retirement, or suffered an illness, injury, divorce or separation, your bank may be more willing to work with you. Contact your lender as soon as possible. Lenders have work out options that are available to you when your loan is only one or two months behind. Remember, that the longer you wait, the less willing they will be to help you. The FHA suggests you not ignore mail from your lender, Talk to a housing counselor, prioritize your debts, and Explore loan workout solutions with your lender.