Government Foreclosure Help Implemented for Families

Government Foreclosure Help Implemented for Families

Families in Texas are afraid that they will be evicted within a twenty-one day notice of foreclosure. This has caused many people to ask for a program from the government to help save their homes. Government foreclosure help was implemented for families by the federal government and president Obama in the form of the “Affordability and Stability Plan”. This plan is expected to save thousands of families keeping safe and secure in their own homes.

The “Affordability and Stability Plan” is geared to help families keep their home by making lower monthly payments. The government foreclosure help was implemented to help families but it takes the cooperation of the banks and lending institutions. Fannie Mae and Freddie Mac the largest holders of mortgages in the nation agreed to support a streamlined program that would modify the way foreclosures are being done. They ordered their foreclosure attorneys to notify their loan servicing organizations to suspend foreclosure sales on occupied homes by families. This is a real breakthrough for the home owner. The government foreclosure help implemented for families requested that lenders would agree to do certain things that would help the borrower.

The government foreclosure help program requested that the lenders would help the homeowners get into a more affordable monthly payment plan on their home instead of implementing foreclosure and eviction. The lenders would need to reduce mortgage interest rate, extend the life of the loan, and lower the monthly payments. This would take effect starting December 15 and it is geared for homeowners who are faced with foreclosure. Fannie Mae and Freddie Mac both agreed to the terms that the government foreclosure help program wanted to implement for the homeowner. Now everything will depend on the banks and lending institutions in your neighborhood to carry out the program.

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In order for the homeowner to take advantage of this program they will need the services of a foreclosure lawyer This program that the government implemented for the homeowners has many different variables that need to be worked out between the lenders and the borrowers. The assistance of a foreclosure lawyer would be the best method for the homeowner to take advantage of the program. The government foreclosure help program coincides with the Fannie Mae and Freddie Mac streamlined modification program together many families will be able to save their home from foreclosure and that is what is most important.