What Kind Of Government Grants Are Out There To Help With Housing/home Foreclosure?
Wednesday, July 1st, 2009 at
2:05 pm
I’m on the verg of foreclosure and need help fast! I know it may be a bit far fetched to receive a grant for home foreclosure but I’m just reasearching any possibility to help me not lose my house.Any info will help. Thanks.
Tagged with: Foreclosure • Government • Grants • Help • Housing/home • Kind • There • What • With
Filed under: Advice
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the “bailout” plans being hatched may be too late to save your house. But generally speaking they’re all based on the borrower’s ability to repay the loan. That means paying Principal and Interest on the amt borrowed not just some “interest only” scheme as were typically offered thru the “pick-a-payment” loans of yore. This is where many of the folks who used the so called “Liar Loans” to purchase will be SOL. So go on any of the mortgage calculator sites and plug in your loan balance, the current int rate and see if you can comfortably make the payment it spits out. If not it may be time to “give up the ghost” and look for a decent rental house!!
FHA has a program where, depending on your situation, they may be able to cover up to 125% of your homes current value and give you a fresh start, but you still must be able to qualify for the payment including everything Principal, Interest, Taxes, hazard Insurance, and MMI or mortgage Insurance!!
Edit> Beware loan modification schemes, depending on your state, they only re-arrange your arrears and DONT actually stop the foreclosure. We know of a couple who were late 1 day after they had “Modified” their loan and lo and behold several days later the Marshall showed up with an order to vacate and some hired “bullies” and a moving truck to move them out forcibly cuz the Bank completed the Foreclosure immediately after they were “late”…..
There are no actual grants (free monies). There ARE programs designed to help homeowners reformulate their repayment agreements to make the monthly payment more tolerable.
However, if you can’t afford even these lowered payments, then you’re going to face foreclosure.
And please don’t use your five children as an excuse. Having five of them was ALSO your choice.
The above answer is correct. Working with a loss mitigation company can give you someone on your side to negotiate with your lender and get you a loan workout that will make it easier for you to keep your home.
I am the owner of a loss mitigation company myself. We work to make sure you can save your home if possible. There are some that are non profit and will work for free. Others charge a fee. If you go with one that charges a fee, make sure you dont pay upfront. Only pay once service is provided.
I don’t know of any federal assistance programs. However, there could be a state program, my State, Pennsylvania has one. Your state assemblyman, should be able to advise you.
Also, please don’t hesitate to contact your U.S. congressman. Congress is allocating millions of our dollars to assist banks.
Try the Federal Housing Administration: http://www.hud.gov. They have an online resources list with articles and other helpful information. Other that that, I’m not much help. My husband and I are about to purchase our first home and we’ll be serviced by HUD.
I have over 10 yrs experience in this subject area. To my knowledge I am aware of only 2 programs which have solid reputations helping those with foreclosure issues. Please email me at: nmarkow@gmail.com and I’ll send you what I have.
i think the gov. has exhausted all funds available. you need a job.