Foreclosure and Mortgage Assistance Programs-Mortgage Assistance Programs to Apply
Low-income families often struggle hard to pay their mortgages and avoid foreclosures which lead to evictions and homelessness. To lend support the US government, banks, nonprofit organizations and Catholic charities has initiated varied grants, cash assistance programs
, legal proceedings and loan modification services that help families to pay their mortgages and prevent evictions. Read about the varied programs available for you.
Government Assistance: different states, counties, and local governments offer assistance to low-income earners for their mortgage and foreclosure. The US government has initiated loan modification services, refinancing programs, foreclosure prevention programs and mortgage assistance programs that help disadvantaged people from getting homeless.
These programs, administered by the U.S. Treasury Department and HUD
, are as follows:
• Home Affordable Modification Program (HAMP)
• Principal Reduction Alternative (PRA)
• Second Lien Modification Program (2MP)
• Home Affordable Refinance Program (HARP)
There are even assistance programs for unemployed homeowners
• Home Affordable foreclosure Alternatives (HAFA)
Non-profit Housing Counseling Agencies: the nonprofits or the housing counseling agencies that are HUD approved assist in paying the monthly mortgage and also prevent foreclosures. The services rendered are mostly free of cost. There are special programs for renters, tenants, and homeowners.While for renters and tenants the programs emphasize more on eviction, for homeowners the programs mostly pertain to foreclosure assistance to help with home loan modifications or credit repayment. Nonprofit housing agencies like the Housing Counseling Agency, NeighborWorks America, Neighborhood Assistance Corporation of America, Union Plus and Save the Dream Tour offer assistance.
Federal Organization Help: there are government-owned organizations that offer help with foreclosure and mortgage. Fannie Mae and Freddie Mac have initiated programs and services like Borrowers Help Centers, Borrower Help Network and Streamlined Modification Initiative that help homeowners with their mortgage payment. Further assistance programs like Making Home Affordable program, Hope for Homeowners by the Federal Housing Authority, Military Homeowners Assistance Program and Neighborhood Stabilization Program also can help.
Catholic Charities: many foreclosure counseling programs are also offered by catholic charities that provide homebuyer assistance. The services are provided free of cost all across the nation through their centers. Even community action agencies offer cash grants, services to avoid foreclosure or homelessness and other medication services.
Mortgage forbearance programs are also offered by banks that include Citibank, bank of America, JP Morgan and Wells Fargo. Loans are also available at low interest to clear any housing dues.
Federal Legal Assistance: federal grants are also given to law offices and attorneys to offer legal assistance to homeowners for foreclosure. The legal officers probe into the matter and offer help to support such homeowners to avoid homelessness.
If you are also facing issues with foreclosure or mortgage problems then start applying for the federal grants or seek help from nonprofits to save your roof. Apply with your state, local or county offices for support.
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