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May 24, 2012
Homeowners facing Freddie Mac foreclosures ought to become familiar with programs that can help keep their house or exit gracefully. There are several programs that offer foreclosure assistance, but it's important to become proactive at the first sign of financial distress.
The first step to avoid Freddie Mac foreclosures is to get in touch with your lender. You will have access to more options by opening the line of communication with the bank. Options include refinance, mortgage forbearance, reinstatement, repayment plan, and loan modification.
It's important to become educated about the pros and cons of each option. Homeowners can obtain free housing counseling through community agencies approved by HUD. Housing counselors can review your situation to determine which programs you might qualify for.