AgentIndustry News

Fending off home foreclosure: a playbook

Distressed homeowners can choose among many approaches

There are many actions borrowers can take before facing foreclosure. Many find solutions to their difficult situations by short-selling their homes or simply walking away, an option the Obama administration's Making Home Affordable program makes slightly easier by paying $3,000 to borrowers for relocation costs. Those looking to avoid foreclosure have ample and growing resources, including: The HUD website, which lists various options for different types of homeowners facing foreclosure.The Federal Housing Authority (part of HUD).The Obama administration's Making Home Affordable program, which includes HAMP, Home Affordable Refinance Program (HARP) and Home Affordable Foreclosure Alternatives Program (HAFA). Bank of America, among other banks, offers advice on its website for consumers seeking to avoid foreclosure. If homeowners want to stay in their home, there are a variety of options, including: refinancing directly with the bank or with a program like HAMP, the Fe...