Foreclosure Help in Hawaii

Unfortunately, sometimes things just happen in life. These can interfere with one’s ability to pay their mortgage. In many cases, these can’t be avoided and really could just happen to anyone. Some of the most common circumstances for being unable to afford your mortgage include:

  • Reduction in income
  • Rate increase on your mortgage
  • Loss of employment
  • Emergency loans
  • Credit card debt
  • Medical expenses

No matter what the problem is, people may find themselves in serious risk of losing their homes.

One of the most stressful problems that someone can face in their lifetime is foreclosure. You worry endlessly about what you can do about this impending problem or you may ignore it in hopes that this just goes away. The problem is that you can’t just wish these problems away; you need Hawaii foreclosure help today. The sooner you start to take care of the problem, the better your outcomes will be.

In fact, you may not even know that there are preventative measures for homeowners in Hawaii that can help them avoid this problem. Such solutions including temporarily suspension of your mortgage or reductions in your monthly payments can have a significant impact in times of need to avoid potential foreclosure.

One of these programs is the MHA (Making Home Affordable) program. Established during the Obama administration through the Department of Treasury, this is a program available to citizens in all 50 states. This program can find options for refinancing or adjusting your mortgage if you are unemployed, homes have decreased in value, and for those transitioning into more affordable homes. These are just a few of the situations that can be helped with this program. This program can also help you relinquish your mortgage if you no longer feel as though owning a home works for you, without hurting your credit in the long-term or bankruptcy.

Have a specific question about Avoiding Foreclosure in Hawaii? Check out our Foreclosure FAQ’s section.

There are various other federal programs and organizations that are able to help people through the foreclosure process or avoid the procedure all together. For instance, the FHA Special Forbearance can help people who qualify by suspending payments for up to 12 months for people who qualify.

A final option for homeowners doesn’t involve help from government programs. This solution is selling your home with a Short Sale. A Short Sale is where you work with your lender and sell your property for less than what you owe on the mortgage. This is a less than ideal solution but lenders often rather take this smaller loss than the one that they would have to face if you went into foreclosure. This saves the bank time and gives them more money than they would likely get with foreclosure. You can avoid the bad credit from foreclosure as well as bankruptcy, which generally happens during this process.

As bad as your situation may be, there is Hawaii foreclosure help available to you. By working with a professional with experience in this process, you will be able to find the solution that best works for you.