The federal government offers various programs to help struggling homeowners make their mortgage payments. Whether you face imminent eviction or barely staying afloat with your housing payment, a federal, state or local program may be able to help. Your county or state real estate agency and your lender can help reduce your balance and general mortgage payments, or temporarily pay a portion of your mortgage payments until you get back on your feet.
Make affordable home programs
Make Home Affordable Initiative Federal government works with more than 100 lenders to provide major reduction, forbearance and loan modifications. MHA can lower your interest rate, defer payments if you are unemployed and settle with your second mortgage lender, even if the value of your home has dropped significantly. Put your online mortgage application
For example, used homeowners may change one or more of the terms of their loan with the Affordable Home Modification Program on a first mortgage. It permanently reduces payments or improves repayment terms otherwise. HAMP is also available on second mortgages if your first mortgage qualifies. HAMP 2MP can reduce main or modify the terms of a second loan.
Out-of-work homeowners can qualify for the affordable home unemployment program. Depending on the circumstances surrounding your unemployed status, UP may reduce your mortgage payment to 31 percent of your household’s current income or suspend monthly payments for a year or more.
Fund for the hardest hit states
The Fund hardest hit by the federal government offers state-level assistance for areas of high levels of foreclosure and mortgage default. Each state administers the HHF program through its housing finance agency. The funds can cover all or part of the payments of unemployed owners. HHF Money can also make a lump sum payment on behalf of an owner to reinstate a mortgage. Modification assistance is also available. The fund offers money to pay arrears and penalties if a lender can approve a change.
Funds availability varies by state
Federal money is distributed differently to states, including the availability of the impacts program. For example, the Florida Senior Mortgage Assistance Program offers seniors who have reverse mortgages to cover property taxes and homeowners insurance if the reverse mortgage lender paid these bills on their behalf. Keep your home in California, also offers the same reverse mortgage help as a pilot program. However, in California, offers more funds for mortgage reinstatement, up to $ 54,000, while Florida offers up to $ 25,000. Because funds are allocated differently for all states, the amounts of assistance and the number of homeowners receiving assistance may vary. In addition,
Administration Local help
Local housing agencies can help homeowners through foreclosure prevention tips and free or low-cost legal resources. They can facilitate mediation between lenders and homeowners. Cities such as Chicago also provide grants or low-cost emergency loans for homeowners. In general, you must first speak to a housing advisor and meet program income and financial hardship criteria. North Carolina homeowners can receive up to $ 24,000 or $ 36,000 in the form of a zero rate short term loan depending on the county.
How to find a non-profit mortgage consultant
Falling behind on your mortgage payments? Adjustable loan about to go up, but not your income? There are non-profit organizations that can help you get and stay current on your mortgage. Here are some steps you can take to ensure that you get help from a legitimate non-profit HUD-certified housing council.
Ask your mortgage lender for a list of HUD certified housing advisors in your area. Most major funders have FHA loans and therefore, are required to have a list of HUD certified nonprofit housing agencies
Many nonprofit credit counseling agencies are also HUD certified consulting agencies. A legitimate credit counselor will not put a customer on a credit card debt management program until the mortgage arrears are addressed. A certified HUD nonprofit credit counseling organization would review the options for dealing with mortgage default and develop an action plan to get current before tackling the unsecured debt.
Many large communities have a telephone reference service. By calling 211, you can talk to a live human, tell them you’re late on your mortgage and looking for a local nonprofit housing consultancy.