The difficult economic situation facing many homeowners today causes many to feel that they are without hope or assistance. There are options for stalling a foreclosure until an agreement can be reached, however. Understanding the many factors that directly affect the value of a home and how homeowners can work with lenders to reach an agreement is the first step toward preventing a foreclosure situation.
The Mississippi attorney general’s office has announced a series of free legal clinics designed to help homeowners stay in their homes and work with lenders. The series focuses on how to use resources for refinancing and loan negotiation to help stay ahead of required payments and other obligations.
The attorney general created a group earlier this year that is tasked with assisting local homeowners. Its funding comes from a national settlement between the government and the largest lenders in the United States, and homeowners have until Jan. 18 to seek assistance under the rules of the settlement. The clinics will be held throughout December in Hernado, Tupelo, Columbus, Meridian, Jackson, Hattiesburg, Gautier and Hancock counties.
Working with lenders to negotiate a new payment schedule or interest rate can help homeowners stay on top of their payments and prevent foreclosure. Those seeking to work with their lenders should strive to understand the many recent developments that affect such negotiations and how they directly affect the value and status of homes.