Each year, there are many people who lose their home to foreclosure. As the costs of goods and services rise and the salaries don’t keep pace, even more people will be facing the situation. Being able to obtain foreclosure assistance for those with little income is crucial to being able to stay in your home.
When you struggle financially and have difficulty paying for your mortgage you may fall behind. When this happens the bank may issue a foreclosure notices. What this means is that if you don’t bring your house payments up to a current status that the house will be foreclosed upon and you will lose it. The bank will essentially take your home and sell it to recoup the amount of money outstanding on the loan.
Avoiding Foreclosure, Or Not
This is a dire situation for many homeowners, because they usually do not want to lose their home to foreclosure. They want to stay in their home, but once you fall behind on payments it can become difficult to get caught up again. Those who do lose their home to foreclosure will still need to find another place to live, which will take money, and they will have a tarnished credit for years to come. The best route to take is to try and get foreclosure assistance and to avoid losing the home to foreclosure.
Some people don’t care to avoid foreclosure. In such cases, they simply stop paying the mortgage and save up their payments until they are finally ordered to leave the home. It can be months for the process to legally go through, and in that time they have saved up money that will be used to move into their next place. But for those who do not want to lose their home to foreclosure there are some options.
Programs Providing Foreclosure Assistance
If you want to avoid foreclosure there are programs you can turn to that offer assistance. They may be able to help you bring your payments current, or avoid having the home be foreclosed upon, while you move into something that is easier for you to afford. Reach out to all the programs you feel are a good fit, so you will have the most chances of getting the help you need.
Housing and Urban Development (HUD) – This is an agency that is part of the federal government. They have offices in every state and everyone in the country, as well as in the territories, can turn to HUD for housing assistance. Their mission is to help people with their housing needs. One of the things they do is help people to avoid foreclosure. You contact your state’s HUD office to inquire about the process for applying for assistance avoiding foreclosure. If you are qualified for their programs you will be able to get the help you need, and you will be able to avoid foreclosure. To qualify for their programs, you have to meet certain low income requirements and you have to be a citizen or legal non-citizen. In addition to helping with foreclosure avoidance, the agency provides assistance locating affordable housing options, helps pay rent and necessary home repairs, and more. To get more information and find your state’s HUD office, click here.
Public Housing Authority – Every state has a Public Housing Authority office. These offices are state funded, but may also receive federal funding. They are tasked with helping the people in that state with their housing needs. They may be able to help with foreclosure avoidance and bringing your mortgage current. To qualify for the programs you will have to provide documentation, such as salary information, and you will have to meet the low salary requirements. They usually also require that you be a citizen or legal non-citizen. To get more information and find your state’s Public Housing Authority, click here.
Local Housing Authority – Many cities around the country have a local housing authority. Their job is to help people in that city with their housing needs. You can check to see if your city has a local housing authority office and call to see what type of programs they have to help people who may be facing foreclosure. You can do a Google search to see if your city has one, or you can call your local city government offices to inquire about if there is one in your area.
Finance Corporation – If you are falling behind on your mortgage or have already received a foreclosure notice, call your bank. You should call the banking or lending institution that the mortgage loan is through. Explain to them that you are experiencing financial challenges, and ask if they have programs that can help. Some lenders do have programs in place to help those who go through periods of financial struggle. They may be able to work with you to provide new terms, grace periods, and other options to help you stay in your home.
Charities and Churches – Contact the local charities and churches in your area to see if they have programs in place that could provide help. Many charities and churches have programs that will help those with little income in the community, including with their housing needs. Find out what programs are available and if you qualify for the help, and how to move forward with obtaining the assistance. There are charities and churches all across the country, and many of them will help people who need assistance in their community.
211 – This is a number you can call to get obtain help with whatever financial issues you are facing. The number is provided by the United Way. It is a free referral service that is open to anyone in the country. Let them know what you need help with avoiding foreclosure and they will use their database to find programs they can refer you to. They can also help you find additional programs that will help during difficult times. To get more information about the program, click here.
