|foreclosure prevention: overview » financial assistance|
Photo courtesy of Neighborhood Housing Services of Chicago
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Financial Assistance: By connecting families with low-cost refinance loans, second mortgages, and emergency loans, state or local housing finance agencies can help homeowners avoid foreclosure and stay in their home at a monthly mortgage payment that they can afford.
Other pages in this section:
Counseling, Mediation and Legal Assistance
Linking homeowners with both outside experts and neutral third parties can help families understand their options and reach a resolution that avoids foreclosure and its related costs for families, communities, and mortgage servicers.
Extending the Foreclosure Timeline
Extending the process of home foreclosure through a temporary moratorium on foreclosure or by increasing the notice period required before a foreclosure may take place may allow homeowners additional time to reduce the financial damage of foreclosure.
Reduce the Risk of Foreclosures in the Future
Foreclosure risks are often identifiable and preventable many years in advance. Governments can counter these risks through targeted outreach, regulations to prohibit the riskiest loans, and enhanced consumer awareness to help families make better mortgage decisions.
Click here for more resources on preventing foreclosure.