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Can HUD stop foreclosure of my home?

April 26, 2017Estate financing foreclosure Home HUD mortgages

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Can HUD stop foreclosure of my home?

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On One Hand: HUD Foreclosure Counselors Can HelpThe U.S. Department of Housing and Urban Development (HUD) offers free foreclosure avoidance counseling through approved counseling agencies. Housing counselors can help you get approved for one of several federal Making Home Affordable loan modification, refinancing or foreclosure alternative programs.On the Other: You Have to Qualify for Federal AssistanceYou must meet qualification criteria to benefit from the Making Home Affordable programs. These qualifications can include a good credit history and having a mortgage held by Fannie Mae or Freddie Mac. If you don’t meet the criteria necessary for any of these programs, HUD may not be able to help you save your home.Bottom LineSince Foreclosure Avoidance Counseling is free, it is a good idea to at least talk to a counselor to see if it is possible to save your home.