Are You A Good Candidate for Stop Foreclosure Assistance?

As Americans face a tougher economic climate than ever before, homeowners are confronted with a growing crisis: foreclosure. Foreclosures have risen at the fastest rates in U.S. history in the last two years. Many families are simply no longer able to afford mortgage payments that ballooned after subprime ARMs added hundred of dollars to monthly loan payments. If you find yourself in this position, you may be an ideal candidate for foreclosure assistance.

Foreclosure assistance is not, nor has ever been, about making homeowners feel silly or ashamed for falling behind on their payments. It is not just about helping those that are the worst off financially. After all, foreclosure is one of the most difficult challenges a homeowner can face. However, you do have options. More often than not, there are plans and programs in place within your lending company to help homeowners just like you.

The best place to start when deciding whether to pursue foreclosure assistance is by consulting with a financial counselor. A financial counselor can look over your entire financial portfolio and determine exactly how your budget should be manipulated in order to meet your financial obligations. Moreover, the counselor is privy to the proper programs to help homeowners in your particular situation. Therefore, he or she can properly advise you to as to which program is best for you and how to restructure your personal budget so that you won’t find yourself in this predicament again.

You will be required to provide documentation for this consultation, including pay stubs, household bills, credit card statements and any other regular expense you incur within your personal budget. A financial consultant will look at your debt-to-income ratio and determine if foreclosure assistance is even an option and whether you can actually afford your home.

The counselor also will advise you about the foreclosure laws in your state, as these types of laws vary depending on where you live. For examples, some states like Florida don’t allow you to begin foreclosure proceedings at the same time as your lender. Your financial counselor can provide the proper advice in this situation.