Government Debt Relief Ann Arbor MI

Is Government Debt Relief an Option?

There are a lot of advertisements and articles claiming that an abundance of federal grants exist that will provide you with debt relief. They say you just have to know where to look. But have you ever noticed that they never tell you where to look? That’s because these grants to help you pay off your debt don’t exist. There are a variety of programs that assist low-income families to afford necessities, such as rent and certain utilities, but there are no grants that help you pay your credit card debt. Beware of companies advertising such grants: these are sometimes scams that actually end up leading to bankruptcy.

Student Loan Consolidation

The one area where government assistance has recently become available is in the realm of mortgage debt and possible foreclosure. Due to the subprime mortgage meltdown, the U.S Department of Housing and Development (HUD) now offers the FHASecure loan program for those who are at risk of foreclosure and need to refinance their subprime mortgage.

Benefits of the FHASecure Loan Program

Not everyone with a mortgage is eligible for this program. You have to meet some eligibility requirements before you can take advantage of the program and reduce your debt. Those requirements are: