If you live in Arkansas and are struggling to pay your mortgage or are behind and face foreclosure, you can stop Arkansas home foreclosure with state programs.
If you live in Arkansas and are struggling to pay your mortgage or are behind and face foreclosure, you can stop Arkansas home foreclosure with state programs. Just because you are behind on your mortgage does not mean you will loose your home. There is help available.
State programs
No matter what path you choose, credit and debt counseling will be required. The Housing Counseling Program, which is sponsored by the U. S. Department of Housing and Urban Development (HUD), offers several Arkansas state programs to stop home foreclosure. These services are free of charge. A counselor can tell you about refinancing, modification and ways to exit your mortgage.
If you are a veteran and have a mortgage through the Veteran’s Administration (VA), the Veterans Affairs Regional Loan Center can help you prevent foreclosure through refinancing and other options. The closest regional office is in Houston, yet most services can be completed either over the phone or online. These services either are free or cost a nominal amount.
Arkansas legal aid
You can also receive free or reduced-cost legal help in addition to the other Arkansas home foreclosure state programs. The Arkansas Legal Services Partnership offers a variety help if you have questions about foreclosure, problems with your lender or need to discuss bankruptcy. You can also apply for legal aid on its website.
Pre-foreclosure sale
There are other ways to avoid foreclosure in any state. If you know you will not be able to keep your home, you can try to sell it in pre-foreclosure. If you owe substantially more on your mortgage than your property is worth, you may be able to sell it through a short sale. Your lender must approve a short sale, as it will accept much less that is owed. You may also be able to do a short sale through the federal Making Home Affordable Program. It’s important that the lender waives its right to collect the balance between the sale of the home and the remaining amount of the mortgage, which is referred to as a deficiency.
Do you owe more than your home is worth? Find out here.
Bankruptcy
You may also file for bankruptcy. If you want to liquidate all your assets and get a fresh start, then a Chapter 7 bankruptcy may be the right path for you. If you want to try and keep your home, a Chapter 13 bankruptcy may allow you to set up a three to five-year payment plan to catch up on your financial obligations.
Just because you are facing foreclosure does not mean you should give up. You can stop Arkansas home foreclosure with state programs. If you wan to talk to a real estate agent about a pre-foreclosure sale, go to Reply! to find a professional near you.