Due to the foreclosure crisis, a number of programs have been added in order to help the situation.  At first, the programs pointed towards helping the financial institutions rather than the homeowners. I don't know if that was on purpose but it sure did take a while for programs to get right down to the gut of the suffering and try to help the homeowners.

Here is a breakdown:

1.  February 2009: Making Homes Affordable (MHA) was introduced.

2.  March 2009: MHA guidelines for loan modifications & refinancing were set

3.  April 2009: Additional details related to the Second Lien Program and strengthening HOPE for Homeowners.  Fourteen (14) servicers including the five (5) largest financial institutions signed on (signed contracts) and begin modifications and refinancing under MHA.

4.  May 2009: Both Foreclosure Alternatives and Home Price Decline Protection Incentives were introduced.

5.  June 15 2009: Clarity of how the "Foreclosure Moratorium" really works.  At first, when this moratorium was announced it sounded like there would be a "hold on all foreclosures" for 90 days.  Actually, what this really means is if your financial institution is NOT on board with the MHA/FAP programs (loan modifications) they have 90 days to get on board and during that time they cannot foreclosure on their homeowners.  HOWEVER, if your financial institution is already signed up on the loan modification program, its foreclosures as usual.

What do you do??

1.  Check with your financial institution and see if they are already signed up for loan modifications under the MHA/FAP program or not.  If they are and you are already in the pre-foreclosure process, you will need to keep them on the line long enough to find out if  you qualify for a loan modification.  You must take the time to ask about the programs and try to get whatever they tell you in a letter for your protection.

For more information about the Foreclosure Alternatives Program (FAP) read this:

Stay tuned.... I will have more on these programs and how you can avoid foreclosure.

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Take a look at Mother and Daughter Blog and D'Adrea's Mother and Daughter Blog  - for other tips for Sellers and Buyers. I work with my daughter as the Mother and Daughter Real Estate Team at Family Realty Group and we also focus in Short Sales and the Pre-Foreclosure process and REOs/Bank Owned Properties.  Our aggressive marketing plan includes on-line listing advertising. 

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If you are thinking of selling or buying a home in Northern California's Central Valley (San Joaquin, Alameda, Contra Costa and Stanislaus Counties - includes Stockton, Manteca, Tracy, Lathrop., Salida, Ripon, Modesto, Lodi, Hayward, Castro Valley, Union City, Fremont, Newark, Livermore, Pleasanton, Dublin and all surrounding cities). Call us at 866-750-8282 or email at US.