New Federal Program To Help Homeowners Avoid Foreclosure

It looks like there is another program being rolled out to help homeowners who are behind on their mortgage payments… According to Smartmoney… Rolled out by HUD and the nonprofit housing advocacy group NeighborWorks America, the program is making loans with far better terms than anything on offer at a local bank. The loans are interest-free. Payments go directly to the lender for a portion of the borrower’s monthly mortgage, including missed payments or past due charges. And when the assistance period — which runs for up to two years — ends, 20% of the loan is forgiven with each passing year. In other words, for qualified borrowers who stay in their home for at least five years after the assistance period and who don’t fall behind on their mortgage again, this money doesn’t have to be paid back. For more information about the program check out these articles: New Federal Program Offers Underwater Homeowners Loans They May Not Have To Repay More Money for Struggling Homeowners Related Articles: Making Home Affordable Mortgage Modification Program Do you need help avoiding foreclosure? How to Pay Off Your Mortgage Early Why Refinance A Car? To Save Money! How do you pay off a car? 5 Questions to Ask When Deciding To Refinance Your Home Loan Bob enjoys dark chocolate, paying off debt, giving, Foosball, loose-leaf tea, helping people succeed, learning, anything God created, playing guitar, doing things the “long” way, Philippians, excellence, Chick-Fil-A, and making his wife smile. He started ChristianPF in 2007 and has been having a blast ever since. Find him on Facebook & Twitter . The articles on this site are for entertainment purposes and should not be taken as financial advice. Please contact a financial professional for specific advice regarding your situation. Also, many of the CPF articles help us pay the bills by using affiliate relationships with Amazon, Google, eBay and others. Find out more here .

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New Federal Program To Help Homeowners Avoid Foreclosure

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