Some Common Misconceptions About HUD Foreclosure Help
Some people put way too much faith in the government and have created these false notions in their minds about exactly how much service the government will offer in any given situation. With the growing foreclosure crisis, and the increasing news coverage regarding the government’s proposed involvement in bailing out troubled borrowers, many people are developing misconceptions about exactly what HUD foreclosure help really is. For example, some people actually believe that HUD foreclosure help means that HUD will be paying their mortgage for them and allowing them to keep their homes. This is absolutely not true. Remember that HUD will only directly get involved if laws are being broken. Beyond that HUD foreclosure help is a lot of advice and enforcement of codes and laws put into place to protect the borrower. So the notion that HUD foreclosure help includes the government paying off your mortgage is completely false.
Another popular misconception about HUD foreclosure help is that HUD will step in and negotiate with your lender for you and on your behalf. This is also false. HUD has no intention, nor is it their policy, to get involved directly in every mortgage on the verge of foreclosure. In this case HUD foreclosure help would consist of expert advice and guidance from a HUD representative. Your HUD representative will tell you how to go about dealing with your lender and even point out to you the clauses in your contract that outline the assistance your own mortgage contract will give you when you are facing foreclosure. But HUD foreclosure help does not include negotiating directly with your bank or lending institution.
The List Of Misconceptions Is Long
One of the more prominent misconceptions about HUD foreclosure help is that HUD will help you refinance your mortgage and get you a new mortgage with a lower rate. Once again this is false as HUD will not get involved directly with lending you money. There are HUD mortgages offered through various lenders throughout the country but HUD themselves do not process mortgages and they will not help you get a better rate.
When it comes to HUD foreclosure help a lot of the responsibility for action is on you. HUD will do what they can to offer advice and guidance but the actual action is your responsibility just like your mortgage payment each month is also your responsibility that you agreed to when you first took on your mortgage and bought your dream home and your piece of the American dream.