Facing foreclosure is never an easy task when considering there are many options for foreclosure relief. The government, local bank branches, and independent companies are lending themselves to the assistance of homeowners facing foreclosure. Many nonprofit organizations are offering their assistance in the creation of hardship letter, assistance with finding additional financing and offering workshops to homeowners.

The real estate market has caused some homeowners to refinance their homes at astronomical rates. This option is frowned upon when considering foreclosure relief because this option does not take in consideration the probability of future hardships. Refinancing a home could cause more damage to the homeowners credit and finances than assistance.

Owning a home is the best investment that could be made within an individual's lifetime. Some homeowners hope to leave their home to their loved ones one day yet feel discouraged that they may leave payments behind as well. The documentation for a mortgage modification loan can be obtained from a financial counselor or other programs that are offered locally.

Organizations such as churches and small bank affiliates offer workshops to educate homeowners on the options for foreclosure relief. During these workshops the homeowner is given information on the current market, average interest rate and ways to improve their credit prior to refinancing a home. The organization may also offer to assist in the creation of a hardship letter to accompany any refinance documentation.

A documentation of hardship is a required document needed by all banks that offer foreclosure relief through loan modification. This letter outlines the cost of living in the home, unemployment status, changes in income and any additional personal changes that have effected the income that could have gone towards the home. This letter is often written by the homeowner yet the non profit organizations are able to assist in composing this letter and providing additional assistance based on the information presented to prove the hardship.

There are many finance companies that are able to award financing at a high interest rate. Some homeowners choose to speak to their current financing company regarding their options and provide the documentation required to apply for refinancing. The refinancing process may require the letter of hardship to recieve some funding provided by the government to assist in foreclosure relief.

There are many options when considering foreclosure relief. Homeowners should be very wary of any advertisements or companies that advocate for mortgage relief at the risk of enrolling in high interest payments. Some companies are willing to work with the homeowner the moment hardship is realized. Please contact your local bank institute for additional information.