Wednesday, May 27, 2009

Home Foreclosure Help

To provide foreclosure alternatives the federal government has created According to a May 14, 2009 press release, these alternatives "provide incentives for servicers and borrowers to pursue short sales and deeds-in-lieu (DIL) of foreclosure in cases where the borrower is generally eligible for a MHA modification but does not qualify or is unable to complete the process, which helps prevent costly foreclosures and minimizes the damage that foreclosures impose on borrowers, financial institutions and communities." To help consumers determine eligibility for the program, the Making Home Affordable web site includes self assessment tools. The site also warns consumers to beware of foreclosure rescue scams and links to tips for avoiding mortgage modification scams and foreclosure rescue scams.