Government programs to help homeowners facing foreclosure

When you receive a foreclosure notice, it seems as though all options have been exhausted. Due to new government programs, this may not be the case anymore. Two new programs, the national foreclosure settlement and independent foreclosure review, have been created to evaluate 14 major lenders and their handling of foreclosures within the Home Affordable Modification Program (HAMP). Investigations show that these agencies may have overlooked several critical factors to stop foreclosure, such as completed paperwork being ignored, bogus fees and penalties assessed, or the lender did not follow guidelines, to name a few. Former homeowners are able to receive up to $125,000 in recouped losses through the independent foreclosure review, and a part of a much larger settlement through the national foreclosure settlement. If you are one of those who has legitimately received a foreclosure notice, it may be wise to pursue a short sale instead. Although the homeowner may still have an amount to pay, it will help them to rebuild credit quicker, reducing the amount of time before they are in a home again. Read the full article here: