There are certain mortgage foreclosure awards available to assist homeowners who are facing financial difficulty in continuing to make their mortgage payments. Grants might be difficult to locate, but they do exist. Check with the municipal council in your area to see what other kinds of programmes could be offered in the area immediately around where you live. If you are unable to get help via grants, you could want to investigate some of the refinancing modification programmes that provide temporary payment suspensions.
Keep Your Home California
Keep Your Home Residents of California who are receiving unemployment benefits are eligible for a grant that provides help with their mortgage payments. Those who are awarded a grant are eligible to receive benefits of up to $3,000 per month, with a maximum benefit of $54,000 over the course of 18 months. Keeping up with your mortgage payments on a consistent basis not only helps you avoid foreclosure, but it may also improve your chances of being accepted into a loan modification programme in the future. People who are getting unemployment benefits due to a job loss that was not of their own will are the only ones who are eligible for this.
HUD Unemployment Option
There is a programme available for jobless homeowners who have a Federal Housing Administration loan via the United States Department of Housing and Urban Development (HUD). The Home Affordable Unemployment Program is the official name for this initiative. For homeowners to be eligible, they must have been laid off from their jobs and be receiving unemployment benefits. This is not a gift; rather, it is an exemption from mortgage payments for a period of up to a year. The programme has the potential to be prolonged by an additional year via the use of an FHA Special Forbearance.
Mortgage Assistance Loan Program
For homeowners who are in danger of losing their homes to foreclosure, the city of San Francisco provides a loan rather than a handout. A loan of up to fifty thousand dollars may be obtained under the Mortgage Assistance Loan Program. Due to the nature of the loan, no interest nor payments are required. The loan is returned depending on the equity of the house when it is sold, and the programme maintains a lien on the property. Although this is a loan, it will not result in an increase in the amount that must be paid each month toward debt.
If you are unable to discover a grant that will assist you, there are other options available to you. You do not have to make any payments toward the money that you get from a grant. It is possible to limit the amount of money that is taken out of your pocket by participating in one of the many programmes that avoid foreclosure and modify existing loans.
Your eligibility for the modification programme may change based on whether or not you are presently late on your payments. For instance, in order to qualify for the Home Affordable Refinance Program’s loan modification option, applicants must demonstrate that they are not behind on any payments. Both the FHA’s Home Affordable Modification Program and the recently introduced Fannie Mae Flex Modification option are examples of modifications that may be made to mortgages that are behind on payments.
The Federal Housing Administration (FHA) provides a Principal Reduction Alternative as well as a Second Lien Program. Both of these programmes are designed to alleviate part of the financial burden that you are responsible for. You can be eligible for a forbearance that halts payments completely for a period of one year if certain conditions are met. Every one of these choices is meant to forestall the process of foreclosure.