Disclaimer: This is a sponsored post. I have no expert knowledge on mortgage assistance programs, nor am I endorsing these programs.
We’re homeowners and while our mortgage is paid off right now, we are looking at purchasing or building another home. This is something that may happen in the near future. While doing our research we noticed that more people will go into foreclosure in their 30’s then in past years. This terrified us, and so we dug a little deeper. We found that there are programs that help keep a roof over your head while you’re struggling and still trying to make ends meet. Read below for more information that can help you or someone you know.
You never know what can happen…anyone can be vulnerable to the fluctuating economy, job layoffs, personal health problems and the like. There are programs available to help keep a roof over you head.
Nearly one in 17 homeowners nationwide has fallen behind on his or her mortgage payments, putting them at a higher risk of foreclosure. Homeowners should not feel alone, but many do. That is why the Making Home Affordable® (MHA) program provides free resources and assistance for distressed homeowners who are working hard at juggling expenses to makes ends meet. Many of these homeowners may be unaware that MHA has expanded its options, and may have a solution available to address their particular financial situation. Moreover, the Hardest Hit Fund (HHF) – available in 18 states and the District of Columbia — also helps real people get back on their feet and on the road to financial stability in states hit hard by the economic and housing downturn.
Across the country, more than 1.5 million families have already benefited from MHA. Through the Home Affordable Modification Program (HAMP), homeowners have been able to reduce their monthly mortgage payments by approximately $500 each month. That’s real payment relief.
- Home Affordable Modification Program (HAMP) – HAMP® is designed to lower monthly mortgage payments, making them more affordable and sustainable for the long-term.
- HAMP achieves a more affordable payment by adjusting the mortgage interest rate, extending the term of the loan, and reducing or forbearing principal.
- Homeowners have saved about $500 per month.
- Through HAMP, homeowners can get help with their primary residence or rental property.
- Homeowners who owe significantly more than their home is worth (>115% Loan-To Value or LTV ratio) are automatically evaluated for principal reduction.
- Just for making timely payments, homeowners could earn up to $10,000, which is used to reduce the principal balance of their mortgage.
- Hardest Hit Fund (HHF)-HHF programs are designed to complement MHA programs and provide assistance to struggling homeowners, like those in the testimonial videos, through modifications, mortgage payment assistance, and transition assistance programs. HHF programs vary state to state, but often include:
- Mortgage payment assistance for unemployed or underemployed homeowners.
- Principal reduction to help homeowners get into more affordable mortgages.
- Funding to eliminate homeowners’ second lien loans.
- Help for homeowners who are transitioning out of their homes and into more affordable places of residence. Through the Federal Making Home Affordable program, many homeowners have received much-needed help to reduce their monthly payments, get mortgage relief, and avoid foreclosure. Homeowners who are struggling to make mortgage payments can call 888-995-HOPE or visit MakingHomeAffordable.gov for free resources and information to help them with their mortgage problems and avoid foreclosure. By calling 888-995-HOPE, homeowners can speak with a housing expert at a HUD-approved counseling agency at no cost, 24 hours a day, 7 days a week and identify potential solutions based on their individual circumstance.
Watch Thomas’s story below. I can relate, because when my husband lost his job, we were extremely scared and terrified. I wish I had known about these programs then.