Owning a home is a source of accomplishment. Unfortunately, affordable homeownership remains a pipe dream for many low and middle-income Americans. Homeowners are often burdened by the weight of mortgage repayments. The Duty to Serve Program was established by the Federal Housing Finance Agency to make homeownership affordable through the introduction of more home buying options.

Those who are either struggling to make their mortgage payments, or are falling behind ought to work directly with their mortgage servicers to develop an affordable payment plan. Such plans may involve waiving certain fees and reducing interest rates. It is advisable to bring on board a real estate lawyer when seeking to avoid the costs and hassles of foreclosure.

Forms of Mortgage Assistance

Various types of homeowner assistance programs are offered under the Duty to Serve banner. The assistance that one qualifies for depends on his/her situation. Refinance is the commonest program and it targets individuals who are struggling to make their mortgage repayments. It involves lowering monthly repayment amounts thus reducing the total loan amount.

Financial aid is an assistance program that is designed to provide aspiring homeowners assistance through interest-free loans, grants, and the waiver of certain fees during the home buying process. Lone forbearance is an assistance program that targets those who are avoiding foreclosure. The program allows a temporary suspension or reduction of mortgage payments.

Foreclosure postponement programs provide for a slowdown or postponement in the foreclosure process. This gives borrowers and lenders an opportunity to mediate in the presence of a real estate attorney so that a feasible payment plan is drawn.

Avoiding Foreclosure

Even after one has been assisted to buy a home through the Duty to Serve program, the risk of foreclosure still lingers since low and middle-income Americans often experience financial setbacks. The mere thought of losing a home is nail-biting. In such situations, seeking legal advice from a real estate attorney can help avoid foreclosure. The attorney will not only offer advice about foreclosure alternatives, but will also discuss the available legal options with the affected homeowners.

Most middle and low-income families struggle in their home ownership quest. Programs such as Duty to Serve enable such individuals to explore the available options for purchasing homes at an affordable cost.