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Foreclosure prevention programs slated to improve

January 22, 2010 - Homeowners who worry that they will fall behind on their mortgage payments may have more options to avoid foreclosure.

The Obama administration has announced it will restructure its $75 million Making Home Affordable program, which is intended to help families who are struggling due to unemployment or financial hardship, the New York Times reports.

Changes to the current system may include services that streamline the applications of individuals seeking lower payments and an increase in the amount of assistance available to borrowers.

These homeowners may benefit from longer grace periods for delayed payments or direct cash assistance from the government.

Legislators are still deciding which option will better serve these individuals, as they are receiving increasing pressure to focus their efforts on troubled borrowers rather than lending institutions, according to the media outlet.

Real estate owners who may be at risk of foreclosure have several options to prevent the loss of their home. The U.S. Department of Housing and Urban development recommends these individuals contact their loan provider as soon as they realize they may have trouble making payments, learn their mortgage rights, prioritize their spending, use their assets for leverage and be aware of foreclosure recovery scams.

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