Mortgage foreclosure can occur if homeowners, who have taken a VA, conventional loan, or an FHA insured loan, default on the mortgage payments. Foreclosure can lead to the lender gaining possession of a borrowers home. If the value of the home is less than the mortgage amount, the homeowner may have to pay the balance amount to the lender under a deficiency judgment. Foreclosures have a negative impact on the credit score of a home owner.
In order to avoid foreclosure, there are several things that a homeowner can do. These include communicating to the lender ones inability in making payments as soon as possible and requesting assistance. If necessary, homeowners should back their communication with relevant financial figures such as expenses and income from various sources. They should not abandon their premises or they may not qualify for the assistance.
There are several housing counseling agencies approved by the U.S Department of Housing and Urban Development; they offer up-to-date information on the various programs initiated by government and private organizations that are designed to help homeowners facing the prospects of foreclosure. Housing counseling...
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