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How to avoid foreclosure on your mortgage

You can avoid foreclosure by paying your mortgage off within six months of moving, the U.S. Department of Housing and Urban Development (HUD) said Thursday.

The agency said it is taking steps to help borrowers who have been in arrears for six months or more.

“While there are many ways to avoid mortgage foreclosure, it’s important to understand the steps you should take to avoid foreclosures,” HUD Administrator Dan Wyant said.

“If you owe more than your home is worth, you may be able to refinance the loan or refinance a smaller loan, and it’s possible to refloan with lower interest rates.”

The Department of Justice has already announced it is launching a program that will allow homeowners who owe more on their mortgages to refinances and repay the money at lower rates.

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