In spite of a decrease in the number of foreclosures over the past two years, some homeowners are still in jeopardy of this occurrence. Credit-yogi.com is here to help these folks stop a foreclosure by offering some tips, such as:

· Original Lender

· Making Home Affordable

· HAMP

· HUD HOPE

Meet with the Original Financer

To get some mortgage foreclosure help, go to the lender that wrote the mortgage and see what he can do. Many banks and credit unions have in-house refinancing and modification programs, and can be off great assistance to a troubled homeowner. When a loan is refinanced, it is completely paid off and a new one, with better rates and/or terms, is drawn up. A modification to a mortgage indicates that changes are made to the loan, but it is not paid off; it’s just altered by lowering the interest rate or extending the amount of time a person has to repay the loan. Discuss these options with the original lender.

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MHA Plan

The Making Home Affordable plan devised by the Obama Administration is comprised of many separate programs. The idea behind them is to help homeowners stop mortgage foreclosure by working with them toward a lower payment. This can be done by modifying a mortgage or refinancing it. Any of the programs under the MHA umbrella can be applied for at any participating lender. Because the Obama Administration offers lenders healthy incentives to be a participant in the programs, most financers will be able to accept applications.

HAMP

The Home Affordable Modification Program (HAMP) is one of several under Making Home Affordable. This alternative is an excellent choice for homeowners who are just barely making it, and who are about to have their homes sold at auction, because it’s a great answer to how to stop a foreclosure sale. Qualifications for HAMP include having gotten the mortgage on or before January 1, 2009, being at least 60 days in default on the payments, and having a financial hardship. One must be able to prove such a hardship, along with how much household income one has per month.

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HUD Aid

The Department of Housing and Urban Development (HUD) has many opportunities to stop a foreclosure, including the HOPE LoanPort program. This is a HUD-approved non-profit e-commerce platform that helps bring transparency to all kinds of foreclosure alternatives. The system is use by over 750 HUD-sanctioned, certified housing counselors throughout the country, and has multiple lenders on board to provide foreclosure solutions. HOPE LoanPort can be accessed online.

Credit-yogi.com is a reputable, no charge website whose purpose is to bring together folks who have questions of finance and the experts who can answer them. For a free consultation, dial 866-964-9644.