Last Updated on September 1, 2023 by Lori Pace
Are you struggling to make your mortgage payments on time, or are there other factors that could be causing you to lose your home? It can be very stressful. It is possible to be confused about what you will do or where you will go. There are programs that can help you, so don’t give up. Continue reading to learn about organizations that provide assistance grants for women in preventing foreclosure.
Foreclosure Assistance Grants For Women
HAMP is a program that helps people who have difficulty paying their mortgages. The payment amount takes up too much of their monthly income. This program can reduce your monthly mortgage payment by 31% of your gross income. This means that if your monthly income is $2,500 and your rent is $1,000, the program can potentially lower it to $775. The average HAMP modification results in a 40% decrease in monthly mortgage payments, and 18% of participants see their payments drop by more than $1,000.
PRA can help you lower your monthly payments by using a different approach. The program contacts investors and servicers to help you reduce your owing amount if your home is less valuable than it is.
Second Lien Modification Program (2MP)
This program is for homeowners who have taken out second mortgages but are having difficulty paying their bills. This program is in addition to HAMP. It can lower your payments on your second mortgage.
If you have difficulty paying your mortgage payment but are still current and have a Fannie Mae loan or Freddie Mac loan, HARP may be able to help you refinance into a lower-interest loan that doesn’t require additional mortgage insurance. There is no minimum credit score required. You can probably get a lower interest rate, which will lower your monthly payments.
If you are in default on your mortgage, the FHA2LP may be able to help you by refinancing it to an FHA-insured loan.
Forbearance may be available for FHA loans that are in default. Forbearance can temporarily suspend your payments for up to 12 months while you deal with your financial situation.
This program is available to help you sell your home as a short sale, deed in lieu of foreclosure, or if you have exhausted all avenues. A HAFA Short Sale can help you avoid foreclosure. You will not owe any more on the property once it is sold. In addition, you will receive $10,000 in financial assistance to assist with your relocation.
Neighborhood Works can help you learn more about your options and receive advice if you’re facing foreclosure. It will help you connect with a HUD-approved housing counseling agency. To get support, call 1-888-995-HOPE (4673).
Local Foreclosure Avoidance Counseling
The U.S. Department of Housing and Urban Development has several counseling agencies located across the country. Their goal is to prevent homelessness and promote self sufficiency. If you are interested, they will do their best to avoid foreclosure. A counselor can help determine whether you are eligible for assistance and will help you prepare a package to send to your servicer. The best part is that the services are completely free. To find a local counseling agency, visit the HUD website. All the information you need, including email addresses and phone numbers, will be displayed.
A foreclosure can be one the most difficult events in a person’s life. Your home was purchased with the intention of one day owning it fully. Now, that dream is in jeopardy. You are not the only one. There are many programs that can help you, whether you need to lower your monthly payments, temporarily suspend them, or start looking for a more affordable home. The program that is most appropriate for your situation is the one listed above.