Mortgage Assistance Grants

mortgage grantsThe high rate of unemployment is only one reason why it has become difficult for people to make their house payments. The home loan crisis meant that people who otherwise wouldn’t have been approved for mortgages were suddenly pushed through and qualified. That has also been a big contributor to defaulted home loans.

Natural disasters in the past few years have made housing crisis conditions worse. Many people lost their homes due to water damage and can’t live in them anymore. Yet their mortgages are still due. Now many individuals have been forced to look for mortgage assistance grants so that they don’t lose their homes.

Nobody wants to be kicked out of their home for mortgage problems. Our homes are supposed to represent safety and security. If you are one of the Americans fighting to save your home then it doesn’t matter what caused your crisis. Your only concern is finding mortgage assistance grants to help you weather the storm.

The federal government has stepped up to help people find assistance. The USA.gov website provides a search engine to inform people about programs they may not even have realized are available. It is part of the Help for Difficult Times Financial Campaign. There are many options for financial aid, loans and grants.

Click on Homes and Housing Assistance to be directed to a list of links that can help with housing issues. There are numerous disaster recovery assistance programs. USA.gov connects disaster victims to DisasterAssistance.gov, a site that helps individuals find and apply for assistance. You can also monitor your application through the website. There are 70 forms of assistance you can be connected to on DisasterAssistance.gov including mortgage assistance grants.

If you have been displaced due to Hurricane Sandy then mortgage assistance isn’t your only issue. You can find help with food assistance, wreckage removal and rebuilding help on the USA.gov site.

For information about mortgage assistance grants and homebuyer assistance programs, click on Mortgages for Homebuyers and Homeowners on the Homes and Housing Assistance web page. Mortgage assistance programs for individuals in search of mortgage assistance grants include:

Housing Relief for Veterans and Service Members and Responsible Homeowners

This program was started in March 2012 to assist military members and responsible homeowners in paying for their mortgages during the period of housing recovery. There are many parts to the program. It can help with wrongful foreclosures from the past and provide ways to prevent future foreclosures.

Housing Counseling Agencies

The U.S. Department of Housing and Urban Development offers free counseling for homeowners in crisis. Interested individuals can call (800) 569-4287. A list of foreclosure avoidance counselors is available on the website so that you can find an experienced person to help you deal with your situation.

Making Homes Affordable

This is an official program of the Departments of the Treasury & Housing and Urban Development. There are numerous tools and videos on their website. Individuals can receive free mortgage advice through an 888 number. On site calculators can help you determine which programs you can apply for.

After speaking with a housing expert you can find out if you qualify for the Making Homes assistance program. These programs can lower your interest rate to help you through the life of your loan. Additionally, the program can make your monthly payment more affordable to help you avoid foreclosure.

Some of the mortgage assistance grants under the Making Homes Affordable umbrella include:

  • Home Affordable Unemployment Program- It can freeze your payments up to 12 months. It also reduces your payments to 31% of your income if you qualify.
  • Home Affordable Modification Program- This program can lower monthly mortgage payments of homeowners who are not in good standing.
    • FHA Refinance for Borrowers with Negative Equity- This is a short refinance option that can decrease your mortgage to a maximum of 97.75 percent of your home’s current value.

There is more than 7 billion dollars in aid available for individuals suffering because of the housing crisis. The Housing Finance Agency Innovation Fund for the Hardest Hit Housing Markets (HHF) manages all of the awards. Your local Public Housing Agency can provide mortgage assistance with Home Ownership Vouchers. It can be a huge help for individuals unable to pay their mortgage.

If you can’t pay your mortgage there is help available. The sooner you seek out housing assistance grants the better your chances of finding the help you need. The money has already been set aside to provide mortgage assistance grants. Take advantage of the opportunities today. That way you can continue living in your home and enjoy the safety and security you were looking for when it was first purchased.

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